Bitcoin Shrinks: Is This The Spring Before $70,000?
Bitcoin fell yesterday, meaning the downtrend from early this week remains. Thus far, buyers have the upper hand, at least viewing price action from a top-down preview. Bulls will likely stretch gains to fresh highs if there is a close above the round number at $70,000.
So far, Bitcoin is down 3% on the last day but stable in the previous week. Even so, the average trading volume, a measure of engagement, is decent at just $35 billion. In the coming days, traders should closely watch how prices react at key resistance and support levels. A breakout in either direction will draw more players.
With Bitcoin stabilizing, traders are keeping a close eye on the following trending news:
- Despite the cool-off seen today, what’s impressive to note is that the coin is attracting more new investors faster than the post-FTX recovery. From on-chain data, when prices rose from $57,000 to $69,000, there were 3% more new investors.
- Even though the frequency of whale transfers has subsided over the months, at least looking at the averages over the last 18 months, it remains higher. The average monthly transfer volume stood at between 700 and 1 million BTC.
Bitcoin Price Analysis
BTC/USD remains in an uptrend from a top-down preview, but cracks are emerging, as seen in the formation in the past few trading days.
As long as prices remain stuck between $63,000 and $70,000, conservative traders can wait for a decent breakout in either direction.
For now, bulls have the upper hand from a top-down preview.
As such, aggressive traders can load the dips, buying on every attempt lower, targeting $70,000 in the short term.
Any confirmation of the buyers of the July 14 to 21 range could see Bitcoin erupt to $72,000.
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