Bitcoin Price Surges Past $70K: Will BTC Hit $87K Soon?

  • Bitcoin’s remarkable price surge has captured considerable attention recently.
  • The possibility of BTC reaching unprecedented price levels has sparked significant discussions.
  • Analysts are weighing in with predictions, including potential barriers ahead.

Bitcoin continues its remarkable ascent amidst bullish momentum, sparking debates on future price movements and market dynamics.

Bitcoin Steadfast Above $70k

As per recent data from CoinMarketCap, BTC showed strong bullish momentum earlier this month, with its price seeing a significant uplift. Over the past week, the cryptocurrency’s value has surged by more than 4%.

At the moment, Bitcoin is trading at approximately $71,091.06, with a market cap exceeding $1.4 trillion. This growth is partly driven by positive market sentiment despite a sell signal mentioned by noted crypto analyst Ali.

Interestingly, this sell signal didn’t significantly disrupt Bitcoin’s price. Consequently, the market is witnessing high buying pressure, evidenced by the decreasing exchange reserves of BTC.

Investor sentiment in the US remained optimistic as reflected in BTC’s positive Coinbase premium.

Can Bitcoin Sustain Its Upward Trajectory?

Recent analyses from Glassnode indicate potential for continued bullish momentum in BTC’s price. According to the Pi Cycle Top indicator, Bitcoin has yet to reach its peak market value.

This suggests that Bitcoin’s price could potentially climb to $87k before any major corrections occur. The Pi Cycle Top indicator leverages the 111-day moving average alongside a 2x multiple of the 350-day moving average.

In addition, Bitcoin’s binary CDD and funding rates present promising signs. Lower-than-average long-term holder activity coupled with rising funding rates suggests an environment favorable to long-position traders.

Technical analysis using the MACD indicates a bullish crossover, adding to the optimistic outlook. Similarly, Bitcoin’s Relative Strength Index (RSI) staying above the neutral level hints at a potential price increase.

However, it’s worth noting that the Chaikin Money Flow (CMF), which favors bearish trends, has shown a recent downtick, introducing some caution in the bullish scenario.

Conclusion

Summarizing, Bitcoin is experiencing substantial upward movement, fueled by significant buying pressure and optimistic market sentiment. While technical indicators mostly favor continued bullish trends, investors should remain cautious of contrary signals like the CMF. The coming days will be crucial in determining whether Bitcoin can maintain its bullish course.

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Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
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