Bitcoin Moving Sideways: Time For Aggressive Bulls To Load And Target $72,000?
Bitcoin is consolidating, breaching $60,000. As prices lift off, buyers may target $72,000 in the short to medium term
Bitcoin is moving sideways when writing. Although the uptrend remains, the current state of price action means traders must stay on the sidelines, waiting for clean signals. Technically, the uptrend remains. However, prices must first overcome $63,000 and, ideally, July 2024 high for this to print clearly. In that case, Bitcoin might find a solid base for a surge, perhaps cracking $72,000, lifted by improving market sentiment.
Bitcoin is steady when writing, and this shows in its performance in the past day. Looking at the daily chart, this is evident. Though the coin remains up roughly 20% from August 5 lows, it is stable in the past day but up nearly 7% in the previous week. While at it, the average trading volume remains muted, shrinking to $28 billion.
Traders are closely tracking the following trending Bitcoin news:
- Even as the coin moves sideways with unusually low volatility, aggressive traders, on-chain data shows, are fast accumulating, taking advantage of the low prices. Whether this will support prices remains to be seen, but it is overly positive.
- After the dump in June, when miners quickly unloaded their BTC holdings to the secondary market, their revenue is up. Their reserves remain low, a combination that will support prices in the coming days.
Bitcoin Price Analysis
BTC/USD is bullish even with current affairs.
The $60,000 round number is a level to watch.
However, what’s important for buyers is whether they can crack $63,000. This uptick might provide the impetus to lift the coin to $66,000 and even $70,000 in a buy trend continuation formation.
Even before this happens, aggressive buyers might load the dips above August lows.
This preview will, nonetheless, fast change should prices dump below $49,000, confirming the bears of early August 2024.
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