Bitcoin Struggling: Are The Big Boys Accumulating Readying For $70,000?
Bitcoin is steady and technically bullish despite recent losses. BTC may float higher if prices remain above $60,000
Bitcoin is down when writing, moving away from the local resistance at $64,000, and the key liquidation is at around $66,000. At present, the path of least resistance remains to be northwards despite the losses of last week. Looking at the price action of the past two months, the September bar guides the short to medium-term formation. Since it surprisingly ended up higher, the trend, for now, is bullish. Accordingly, every low might offer entries for optimistic buyers as long as the primary support zone is at around $58,000 and $60,000.
Despite the recent dump, bulls are confident, especially now that prices are above the psychological round number at $60,000. Presently, the coin is down nearly 3% over the last day and week amid expanding trading volume which is up to over $33 billion in the previous 24 hours.
The following Bitcoin trending news events are worth watching:
- Amid the market volatility, fewer short and long-term holders are unwilling to part with their coins. The percentage of HODLers continues to rise, looking at trends over the past ten years.
- At this point, technical analysts think the coin is within an accumulation period, looking at the Wyckoff formation. In their view, a breakout is imminent and could lift the coin above the local resistance levels, even to $70,000.
Bitcoin Price Analysis
BTC/USD is down, cooling off from recent highs.
As mentioned earlier, the local resistance is at $64,000, marking October 1 highs.
On the flip side, support is at $60,000.
Traders can consider aligning with the September bull bar, targeting $66,000 and $70,000 in the short term. As such, they can load on dips. Alternatively, they can wait for a clean break above $64,000 before considering longs.
Any break below $60,000, on the other hand, could see Bitcoin tank, even towards $50,000 in the coming days.
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