Bitcoin Floats Higher, Tesla Moving Coins But BTC Bulls Unfazed: Up Next $72,000?
Bitcoin is firm and may break above $70,000 if BTC bulls maintain the support at around $66,000. Tesla is also moving coins
Bitcoin continues to maintain its uptrend, steadily approaching the round number at $70,000. With bulls flowing back and the coin growing in strength, traders are searching for entries amid improving sentiment. At press time, the path of least resistance is northwards. Traders expect the coin to not only breach $70,000 but climb above all-time highs. Some primary catalysts for strength include favorable fundamentals, including inflows to spot Bitcoin ETFs. Additionally, with the odds of Donald Trump winning the presidency increasing, crypto supporters think prices will edge even higher with the former president at the helm.
Bulls have the upper hand at press time. The world’s most valuable coin is up 11% in the previous week amid expanding engagement that’s over $36 billion in 24 hours. Further gains today will lift sentiment, shifting the Fear and Greed Index deeper into the green territory.
Traders are tracking the following trending Bitcoin news:
- Tesla, the electric car manufacturer, recently moved BTC for the first time in over two years. Whether they will sell remains to be seen. If the car manufacturer resumes accepting BTC, prices could rip even higher.
- Although optimism is high that prices will continue expanding, analysts note that the coin remains within a multi-month range. Of note, bulls have yet to decisively close above the resistance level. If this happens, prices could easily print fresh all-time highs.
Bitcoin Price Analysis
BTC/USD bulls are in control.
The local support is at $66,000, while the resistance is at $70,000 and $72,000.
As long as buyers are in charge, every low above the support may offer entries for optimistic traders targeting June highs.
If there is a welcomed spike above $72,000 today, Bitcoin can easily float to register fresh all-time highs.
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