Fun

Bitcoin bears trapped, but can BTC price surpass $70K by August?

News Feed - 2024-07-17 12:07:00

Zoltan Vardai8 hours agoBitcoin bears trapped, but can BTC price surpass $70K by August?Bitcoin price has confirmed its price reversal, but can it reclaim the $70,000 mark before the end of summer?4463 Total views7 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin price has confirmed the trend reversal after June’s month-long downtrend. Could Bitcoin recover above the $70,000 psychological mark until the end of the summer?Bitcoin price reverts to bull trend — analyst


Bitcoin’s (BTC) price has recovered from its over-one-month downtrend, according to technical analysis from one popular crypto trader.


Pseudonymous market analyst Moustache wrote in a July 16 X post:“Bitcoin is back above one of the most important bull market lines (blue line). In the previous cycles, it NEVER fell below it until the cycle top (monthly close). This is a strong sign that the bull market is far from over.”BTC/USDT, 1-month chart. Source: Moustache


In another bullish technical signal for BTC price, the selling pressure from long-term Bitcoin holders has stopped, according to analyst and CryptoQuant author Axel Adler, who wrote in a July 16 X post:“At the $61.6K level, the selling pressure from Long-Term Holders, which lasted 7 months, ceased.”BTC: Long-term holder 30-day net position change. Source: Axel Adler


After an 11% increase during the past week, Bitcoin price is back above the 200-day exponential moving average (EMA), which is considered a key trendline to maintain above during bull markets.BTC/USDT 1-day chart, EMA, Source: TradingView


The 200-day EMA is a long-term indicator used by analysts to measure the health of an asset’s price based on the average closing price of the past 200 days.


Related:Bitcoin bottom signal? German gov’t runs out of BTC to sellCan Bitcoin reclaim $70,000 next month?


Not only did Bitcoin get a nod from BlackRock CEO Larry Fink this week, but based on technical chart patterns, it could reclaim $70,000 by the end of August if the current uptrend continues.


However, bulls first need to decisively reclaim the $60,000 mark, according to popular analyst Captain Faibik, who wrote in a July 14 X post:“Bitcoin bulls are again trying to clear the Crucial Resistance level at $60K. Once the Breakout is done, the next stop will be $70K.”BTC/USD, 4-hour chart. Source: Captain Faibik


In a more bullish scenario, Bitcoin could be setting up for a rally to the $85,000 mark by the end of September, according to popular analyst Crypto Wealth, who wrote in a July 16 X post:“As Bitcoin proceeds into this 5th wave, the first main target I will be looking at is that $85k region before the final target around the $100k plus area.”BTC/USD, 1-day chart. Source: Crypto Wealth


As Cointelegraph reported, several new bullish price predictions have surfaced in recent weeks, including a $330,000 target.


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# Bitcoin Analysis# Markets# Predictions# Market AnalysisAdd reaction

News Feed

Helen Partz44 minutes agoMastercard partners with crypto payment firm MoonPay for Web3 servicesMoonPay has announced a partnership with Mastercard, targeting Web3-based experiential marketing or new ways to connect with
Bitcoin to attract $1T from institutions amid ‘raging bull market’ — Bitwise exec
Ezra Reguerra1 hour agoBitcoin to attract $1T from institutions amid ‘raging bull market’ — Bitwise execBitwise’s Matthew Hougan said the best advice he could give traders is to “keep calm and take the long vie
Canadian crypto adoption struggles as cash remains king
Arijit Sarkar1 hour agoCanadian crypto adoption struggles as cash remains kingFor two years in a row, Canadians have shown a strong preference for cash and card payments for day-to-day purchases.474 Total views1 Total sh
Vanguard’s outgoing CEO sticks to anti-Bitcoin ETF stance, despite inquiries
Ciaran Lyons2 hours agoVanguard’s outgoing CEO sticks to anti-Bitcoin ETF stance, despite inquiriesVanguard CEO Tim Buckley is resisting customer pressure to offer a spot Bitcoin ETF despite several of the firm’s com
Square Enix Insists on Integrating Blockchain Elements Into Its Games
Square Enix Insists on Integrating Blockchain Elements Into Its Games Square Enix, the Japanese gaming company, is pressing on with its vision of integrating blockchain elements in
Ethereum ‘Extremely Undervalued Against BTC’ – Supply Pressure May Delay Recovery
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
UK’s FCA provides more guidance on crypto promotion compliance
Derek Andersen4 hours agoUK’s FCA provides more guidance on crypto promotion complianceThe financial regulator is trying to bring companies offering crypto services into line with requirements that came into force in O
Helen Partz14 hours agoFTX founder’s parents sued, accused of stealing millions from crypto exchangeAccording to the allegations, Sam Bankman-Fried’s father, Joseph Bankman, was a “de facto officer” at FTX Group.
Revised Bill Suggests Prison Time for Russian Crypto Miners Evading Taxation
Revised Bill Suggests Prison Time for Russian Crypto Miners Evading Taxation A draft law designed to regulate crypto mining in Russia introduces harsh penalties for miners failing
New FTX CEO Discusses Possibility of Rebooting Defunct Crypto Exchange in First Interview Since Taking Over
New FTX CEO Discusses Possibility of Rebooting Defunct Crypto Exchange in First Interview Since Taking Over Following recent disclosure that FTX debtors and bankruptcy administrato
Market Cap of Exchange-Issued Tokens Surpasses $43 Billion, Binance’s BNB Token Surges 150%
Market Cap of Exchange-Issued Tokens Surpasses $43 Billion, Binance"s BNB Token Surges 150% Buoyed by bitcoin’s recent spike, altcoins including exchange-i
Bitcoin, Ethereum Technical Analysis: BTC Surges Towards $45,000 as Russia Withdraws ‘Some’ Troops
Bitcoin, Ethereum Technical Analysis: BTC Surges Towards $45,000 as Russia Withdraws "Some" Troops Following four consecutive sessions of declines, bitcoin rallied late on Monday,