Bitcoin $70K This Week Or Will It Be Another Lower High?
The post Bitcoin Price Analysis: Will Bitcoin Break $70K This Week or Form Another Lower High? appeared first on Coinpedia Fintech News
Finally, Bitcoin broke above $64,000, although the bears quickly pulled it back below the range. The ongoing consolidation appears to be part of the post-halving buildup that broke out 170 days after the event. The rally peaked after 480 days, so it appears that the rally has not yet started as we are currently 152 days after the Bitcoin halving. With the US elections approaching, global liquidity is expected to increase. Therefore, it is believed that the Bitcoin price will break out violently from the pattern it is currently trading in.
On the other hand, BTC price has not confirmed a rise above the bearish influence, keeping the possibility of rejection alive. Ever since BTC price crossed $64,000, bears have been very vigilant and putting enough pressure on the token. Currently, the price has dropped below $63,000 after missing the upper range shortly after recording daily highs. With this, bearish hopes of another drop below $60,000 are emerging, but here’s the big surprise.
According to data from Coinglass, the BTC Puell multiple indicators have just shown bullish signals as the indicator approaches the green zone. An indicator reaching the red zone indicates that the BTC price is too high and therefore needs to drop. Conversely, an indicator in the green zone indicates that the price is too low and could rise very soon. It is an indicator based on miners’ revenues and therefore reaching the red zone also indicates that their revenues are above the 365-day moving average levels. This could force some miners to shut down their platforms, which could reduce the hash rate.
Currently, the levels are approaching the green zone, which is a bullish signal and can also be considered a great time to accumulate Bitcoin. Regardless, the price has not confirmed an upward reversal and in such a case, the question arises: will the coin form another lower high?
Bitcoin’s daily chart provides a clear picture of it remaining stuck in a downtrend. The recent move may have lifted the price above local resistance, but bulls are pulling back this week as they approach the downtrend line, which acts as a pivotal resistance. With the daily candlestick turning bearish, the possibility of the coin forming another lower high has emerged.
Regardless of the temporary bearish impact, Bitcoin (BTC) price, from a broader perspective, continues to trade under a bullish influence within a bullish flag. Therefore, a breakout from the pattern is expected to trigger a massive bullish wave, possibly exceeding $100,000.
