Bitcoin price surpassed an important resistance level in the wee hours of Monday morning, setting a precedence for a rally above the $70,000 mark. The price recovery comes after the completion of a successful three-day conference in Nashville that saw key political figures deliver bullish keynote speeches impacting Bitcoin and the crypto industry in general.

The price of BTC increased by 2.5% over the last 24 hours to trade at $69,641. The uptick in price impacted the general market, sparking notable double-digit percentage gains in Bitcoin Cash (BCH), Bitcoin Satoshi’s Vision (BSV), and Book of Meme (BOME).

Traders’ BTC Bullish Sentiment Hits 16-Month High

Following the Bitcoin Conference 2024, market participants have increased confidence in Bitcoin’s future, per Santiment. According to data from the blockchain analysis firm, Bitcoin’s bullish sentiment has not been this high for the last 16 months. 

The last time the ratio of positive to negative comments toward BTC was this high was in March 2023. While this is good news, it may indicate that the BTC price is overvalued and due for a correction soon. 

The Bitcoin Fear & Greed Index sits at 74 (Greed), indicating the market may be veering off into the sell-the-top zone.

Bitcoin Price Eyes 6% Gains after Surpassing $68k Major resistance

The Bitcoin price chart shows a strong bullish trend, rising above key moving averages and resistance levels. The price bounced off the 50-day EMA on July 25 and made higher lows for the next four days to top $69,000. BTC is in a larger consolidation zone between $60,000 and $73,700, and currently, it is gunning for the upper boundary of the range. 

BTC Price Chart

Bitcoin price forecast shows a break above the recent high, and a key resistance level of $73,700 may establish a new all-time high (ATH) price for the asset and launch it into the price discovery zone. On the flip side, if market conditions turn bearish, BTC price may find support near the 50-day EMA ($64,315) and also around the previous consolidation and the 200-day EMA ($59,380).

The Relative Strength Index (RSI) is sitting at 67.47, approaching overbought conditions but indicating strong bullish momentum. The Chaikin Money Flow (CMF) is at 0.19 and rising, suggesting there may be positive money flow and sustained buying pressure. The Coinalyze aggregated BTC open interest (OI) increased by 8.25%, but interestingly, the volume has generally reduced the most recent low to around $63,400. This volume price divergence may signal a potential correction soon, possibly after the asset tests the previous all-time high price.

The post Bitcoin Price Poised to Rally Past $70K As Market Sentiment Bullish appeared first on CoinGape.

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Filed under: News - @ July 29, 2024 10:04 am