Bitcoin Surge To $70,000 Looms as Price Breaches Long Consolidation ⋆ ZyCrypto
The post Bitcoin Surge To $70,000 Looms as Price Breaches Long Consolidation ⋆ ZyCrypto appeared on BitcoinEthereumNews.com.
Advertisement     Bitcoin (BTC) started the week rather quietly, trading within a narrow range of around $64,000 early Monday. This stability followed a strong weekly close on Sunday, following a strong recovery from a low of $49,345 on August 5. During this recovery, the global crypto market cap also grew by approximately 29%, reaching $2.25 trillion. Notably, after a brief consolidation period of just over two weeks, Bitcoin surged past the closely watched resistance at $62,000 last Friday, setting the stage for a higher move. Bitcoin’s recent price movements have been influenced by key factors, with initial concerns over potential BTC sales by the Mt. Gox trustees and the German and U.S. governments now largely subsiding. However, the upcoming U.S. presidential elections, often called the “Bitcoin election” within the crypto community, have introduced a new layer of uncertainty, leading investors to take a more cautious risk-off approach. Nevertheless, despite these challenges, Bitcoin has demonstrated impressive resilience, with technical analysts increasingly optimistic about its future trajectory. Analyst “Captain Faibik,” along with others, has noted that Bitcoin is currently trading within an expanding triangle pattern. This formation indicates increasing volatility, with the upper boundary of the pattern positioned around the $70,000 mark. According to this analysis, Bitcoin is expected to approach this upper resistance level soon, potentially paving the way for a significant breakout if the current momentum persists. “This week, Bitcoin may Retest the key $70k Resistance. Will Bitcoin Bulls be able to Break through the $70k Resistance this time?” he asked. This bullish outlook is shared by analyst “Trader Tardigrade,” who highlighted that Bitcoin has now entered Phase D of the Wyckoff Accumulation pattern, a key stage where the cryptocurrency typically solidifies its support level before embarking on a significant upward move. Advertisement   “Soon $BTC will give us…
Filed under: News - @ August 26, 2024 10:18 pm