Bitcoin Bulls Upbeat, Up 30% in 2 Weeks: Will BTC Break $70,000?
Bitcoin is firm, even after yesterday's losses. For the uptrend to continue, BTC bulls must keep prices above $66,000
Bitcoin is generally firm despite yesterday’s losses, looking at the formation in the daily chart. Even though buyers are in control, there must be a sharp close above $70,000. Ideally, if there is a spring above $72,000, at the back of expanding volume, the odds of BTC expanding to new territory above March 2024 highs will be elevated. There are fundamental factors behind this leg up, primarily political. The community is closely monitoring the upcoming United States presidential elections in November 2024.
At spot rates, Bitcoin is shaky after the unexpected dump on July 29. Despite losses, the coin is up nearly 30% from July lows. Of importance is that the general rejection of bears from early this month means the uptrend set in motion in early 2024 remains. In the past day, BTC is down 4% while the average trading volume is rising, increasing to $39 billion in the same time frame.
The following Bitcoin news developments are worth tracking:
- As Bitcoin prices trend higher, approaching $70,000, on-chain data shows fewer people are willing to sell at spot rates than when prices touched this level earlier in Q1 and 2. The confidence is bullish and might help spur buyers to double down.
- The Bitcoin hash rate is recovering after plunging post-halving. If previous price action and hash rate correlation are anything to go by, then prices are likely to continue printing higher highs in the coming sessions.
Bitcoin Price Analysis
BTC/USD is steady, soaking in losses from yesterday.
Now, Bitcoin buyers need to add to their gains, extend those of July 29, and wipe out recent weakness.
Aggressive traders can continue buying on every attempt lower but above the $66,000 level. The first target, looking at the Bitcoin price structure, is $72,000.
Meanwhile, if buyers press on, a definitive close above $72,000 could spark another wave of demand, lifting BTC to $74,000 or higher.
If sellers come out on top today, any drop below $63,000 cancels out this bullish outlook.
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