Bitcoin (BTC) Price Prediction and Analysis- Will BTC Price Hit $70K?
- PHPzOriginal
- 2024-07-17 10:51:49692browse
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, adding another bullish candle to the price trend. As BTC price ignites a fresh recovery rally, the broader altcoin market also recovered back above $1 trillion in total market capitalization. While the crypto market rejoices in a bullish week ahead, what does Bitcoin price hold ahead? Let’s try to find out with technical analysis.
Bitcoin Price Analysis: Technicals Reveal A Bullish Week Ahead
After slipping below the 200D EMA during the correction wave, Bitcoin price quickly absorbed the incoming supply pressure around $56K. Multiple lower price rejection candles formed a double bottom reversal pattern on the BTC price action.
Tradingview
As the reversal rally gained momentum over the weekends, the buyers pushed 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. As the news hit the markets, the strong stance taken by Trump boosted the crypto market.
Fueling Bitcoin price to surpass the $60K roadblock, the PolitiFi tokens like Trump and MAGA surged almost 35%.
Bitcoin ETFs, Onchain & Derivatives
Following the largest inflow in 30 days, the $310M 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 $15.81B, the US Bitcoin ETFs hold 4.52% of the Bitcoin market cap valued at $51.34B.
Sosovalue
The Bitcoin OI stands at $16.95B, with a positive growth of 5.3% in the past 24 hours and 18.16% in seven days. Moreover, 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 liquidating in Bitcoin over the past 24 hours, the bulls are gaining momentum.
The Mt.Gox Supply Threat
As sentiments improve within the crypto market, the bull run is expected to gain momentum this week. However, the looming possibility of a massive sell-off from the Mt.Gox payout warns of a crash.
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 while the large individual whales could hold onto their Bitcoins.
Will BTC Price Hit $70K?
As the early adopters of Bitcoin with diamond hands plan to HODL, the supply pressure could be experienced as the payout journey gains traction. Nevertheless, the ongoing recovery is expected to continue this week and hit the $70K mark. Thus, increasing the overhead trendline breakout chances.
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