Bitcoin Bulls Firm, Is Profit Taking Keeping Prices Below $70,000?
Bitcoin is steady, trending below $70,000. BTC analysts think this is because of profit-taking. Even so, the uptrend remains
Bitcoin is below $70,000 despite bulls pressing on, soaking attempts for lower lows. At press time, BTC is within a bullish breakout formation, with the uptrend valid as long as the $66,000 and $68,000 levels remain. From the daily chart, the local resistance is at $72,000. If this is broken today, the odds of the world’s most valuable coin floating higher and breaching all-time highs will be highly elevated.
Price action reflects this shift in sentiment. Though BTC prices remained largely stable on the last day, it is up a decent 5% in the previous week. However, this doesn’t tell the whole story. Overall, the average trading volume on the last day remained above $30 billion, multiples higher than last week’s mean reading. What this means is that traders are excited and looking for opportunities to double down.
The following Bitcoin news stories are worth keeping an eye on:
- Standard Chartered analysts think Bitcoin bulls are firmly in charge. Accordingly, they predict prices to not only breach $74,000 but register fresh all-time highs by the weekend. Still, while lofty, whether this will be the case remains to be seen.
- Bitcoin prices are retracing, some analysts claim, because of profit taking. Even so, the correction is amid encouraging developments. For instance, the London Stock Exchange plans to list the first set of crypto derivatives in the coming days.
Bitcoin Price Analysis
The path of least resistance is northwards.
BTC/USD prices have been moving sideways for the better part of the last two trading days.
Since the May 20 bar is wide-ranging and bullish, every dip inside the bar may offer entries.
In this case, the local support remains at $66,000 and $68,000.
On the other end, a close above $72,000 may allow risk-on traders to double down, targeting $74,000 and new all-time highs.
If the breakout bar has an equally high trading volume, as seen on May 20, the race to $100,000 will be on.
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