Bitcoin (BTC) Price Prediction and Analysis: Will BTC Price Hit $70K This Week?

With a phenomenal recovery over the weekends, the Bitcoin price trend is back above the lost level of $60K. Starting a new streak of bullish candles

Bitcoin price began the new week with a phenomenal recovery, breaking past the crucial lost level of $60,000. Starting a new bullish candle streak, BTC price ignites a fresh leg up in the H2 2022 rally.

As Bitcoin price recovers, the altcoin market capitalization rises back above $1 trillion, showcasing massive tailwind pressure. While the world’s biggest crypto reveals a breakout rally ready to gain momentum, the broader market anticipates a bullish week ahead.

However, the possibility of a supply dump from the Mt.Gox payout looms large, warning of a crash. So, what does the Bitcoin price hold ahead? Let’s try to find out with technical analysis.

Bitcoin Price Performance

Following the correction wave under the 200D EMA, Bitcoin price absorbs the incoming supply pressure near $56,000. With multiple lower price rejection candles, the BTC price action reveals a double bottom reversal.

Tradingview

As the reversal rally gained momentum over the weekends, the buyers broke past the secondary resistance trendline. This marks the end of the negative cycle within a channel pattern.

As the bull run challenges the 50D EMA, the daily chart reveals a fourth bullish candle under formation. Currently, the BTC price trades at $62,650 with an intraday jump of 3% and accounts for a 9.27% rise in four days.

Trump’s Survival Boosts Crypto Market

On Saturday, former US President Donald Trump survived an assassination attempt in Butler, Pennsylvania. Following Trump’s survival, the strong stance boosted the crypto market.

Fueling the Bitcoin price to surpass the $60K roadblock, the PolitiFi tokens like the Trump and MAGA surged almost 35%.

Bitcoin ETFs, Onchain & Derivatives

Following the largest inflow in 30 days, the $310 Million daily inflows in the US Spot ETFs create a strong base for upside movement. Further, it marks the sixth consecutive day with a positive inflow. With a cumulative total net inflow of $15.81 Billion, the US Bitcoin ETFs hold 4.52% of the Bitcoin market cap, valued at $51.34 Billion.

Sosovalue

The Bitcoin OI stands at $16.95 Billion, with a positive growth of 5.3% in the past 24 hours and 18.16% in seven days. Furthermore, the positive funding rate of 0.0040 reveals that buyers are willing to pay a premium to hold bullish positions.

With $47.80 Million worth of short positions liquidated in Bitcoin over the past 24 hours, the bulls are gaining momentum.

The Mt.Gox Supply Threat

As the sentiments improve in the crypto market, the bull run is expected to gain momentum this week. However, the possibility of a massive supply dump from the Mt.Gox payout looms large, warning of a correction.

While market gurus anticipate the major 226 whales that own 50% of all claims to hold their Bitcoins, the sellout threat comes from the bottom 50% of HODLers. The bankrupt companies are expected to sell their Bitcoins while the large individual whales could hold onto theirs.

Will BTC Price Hit $70K?

As the early adopters of Bitcoin with diamond hands plan to HODL, supply pressure could be experienced as the payout journey gains traction. Nevertheless, the ongoing recovery is expected to continue this week and hit the $70,000 mark, increasing the chances of an overhead trendline breakout.

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