Bitcoin Cools Off: Will BTC Resist Bears And Break Higher To $72,000?

Bitcoin is printing lower lows in the daily chart. The recoil from recent highs should be a concern, denting the expansion higher and capping gains. However, from candlestick arrangement, buyers have the upper hand as long as Bitcoin is steady above $62,500, the STH average cost basis level. If buyers soak in all selling pressure, rejecting lower prices today, a recovery above local highs and ideally $66,000 would set the ball rolling for $72,000.

For now, Bitcoin is in red, shedding 2% in 24 hours, but is up 12% in the past week. Even though there are hints of strength, at least for now, prices must float above crucial support levels over the weekend. The drop in prices, possibly due to profit taking, has seen the average trading volume also fall to $27 billion in the last day.

Traders are keeping tabs, closely monitoring the following trending Bitcoin news:

• When Donald Trump survived an assassination attempt, prices shot higher. The uptrend remains, and prices could explode to all-time highs in the coming days. Rumor has it that Trump would make BTC a strategic reserve asset if he clinches the presidency.
• Over the past two weeks, there have been major exchange outflows. Billions have been transferred from top exchanges, sparking a rally that lifted prices close to $66,000 early this week.

Bitcoin Price Analysis

BTC/USD remains in an uptrend despite recent losses.

The coin is up nearly 20% from July lows.

Moreover, since Bitcoin is above the 20-day moving average in a breakout formation, bulls have the upper hand.

As things stand, every low above $62,500 might offer entries for buyers to load the dips targeting $66,000 and $72,000.

This preview stands because BTC is already inside the bull bar of July 15. The recent series of lower lows has been accompanied by light trading volumes, cementing the current outlook.