The post Bitcoin Poised for $64,000 Surge After Breaching $60,000 Resistance appeared on BitcoinEthereumNews.com.

Bitcoin’s price trajectory shows potential for a significant surge if the 4-hour candle closes strongly above $60,700. Current market data reveals a higher number of long positions over short positions, hinting at a bullish trend. Germany’s complete sale of its Bitcoin holdings has notably shifted market sentiment, pushing Bitcoin past the $60,000 threshold. Explore the recent momentum in Bitcoin’s price, the underlying factors, and its potential future trajectory amidst shifting market dynamics. Bitcoin Surpasses Crucial Resistance Level of $60,000 Since July 3, 2024, Bitcoin has persistently aimed to break the $60,000 resistance level but faced multiple rejections. The repeated attempts have weakened this threshold, allowing Bitcoin to breach it more decisively this time. Analysts suggest that a strong daily candle close above $60,700 could propel Bitcoin towards the $64,000 mark in the coming days. Spot Bitcoin ETFs and Market Sentiment Aside from Germany’s liquidation of its Bitcoin assets, another catalyst for the bullish sentiment is the steady inflow into spot Bitcoin Exchange Traded Funds (ETFs). Even when the broader market was declining, ETF traders demonstrated robust confidence by purchasing Bitcoin during the dips, according to the on-chain analytical firm SpotOnChain. This persistent interest in Bitcoin ETFs indicates a resilient investment appetite. Technical Analysis and Key Indicators From a technical analysis perspective, Bitcoin’s current trading behavior appears optimistic. BTC is trading above the 200 Exponential Moving Average (EMA) on the daily chart, a sign of a bullish trend. Furthermore, it has formed an ascending triangle pattern on the 4-hour chart, which historically suggests a potential upward movement. Should Bitcoin close a strong candle above the $60,700 resistance, it is likely to move towards the $64,000 target. This potential surge could trigger the liquidation of approximately $1.22 billion in short positions. Moreover, data from CoinGlass reveals that long positions have maintained a…

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Filed under: News - @ July 14, 2024 4:08 pm