Bitcoin Defiant Bulls Eye $72,000, BTC Chipping USD Dominance
Bitcoin bulls are defiant, despite initial resistance yesterday. With BTC above $60,000, traders expect a march to $72,000
Bitcoin was mostly held within the July 15 range yesterday, but the uptrend remains. Looking at the current formation, every low might offer entries for buyers aiming for $66,000 or better in the coming sessions as long as $60,000 holds. Technically, the uptrend holds, especially following the eruption over the weekend, which convincingly reversed losses of July 4 and 5, which had seen BTC dump below June and May 2024 lows.
At press time, Bitcoin buyers have the upper hand. It is up 4% in 24 hours, pushing weekly gains to over 11%. The spike in valuation also comes amid rising trading volume. Presently, it stands at over $39 billion, meaning despite the initial dump earlier today, buyers are determined to prop up prices. If prices continue breaking higher, the odds of engagement further rising will be higher; a development that could lift Bitcoin above $66,000.
The following Bitcoin news events are trending today:
- Mt. Gox creditors have begun distributing coins. According to Kraken clients, they received information that the exchange will begin the exercise within the next few days. Yesterday, there were significant transfers from Mt. Gox-related addresses.
- Janet Yellen, the United States Treasury secretary, is warning that Bitcoin is gradually chipping the USD dominance. Increasingly, more people are opting for BTC over the greenback, considering the global and low fees associated with its transfer.
Bitcoin Price Analysis
From the daily chart, BTC/USD is firmly in an uptrend.
As long as prices are trending above $60,000 and $62,000, traders should consider longs.
Notice that yesterday’s bar ended with a long lower wick, pointing to the rejection of lower prices.
Since the coin is within a bullish breakout formation, closing above the 20-day moving average, buyers appear to be setting their eyes on $66,000.
If bulls push on, Bitcoin might fly to June highs of $72,000 in a buy trend continuation formation.
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