This Weekend Could See Bitcoin Break $70,000

Analysis1mos agoUpdate 6086cf...
63 0

In Brief

  • Bitcoin price is trading between $65,300 and $71,360 at the moment, with the potential to rise.
  • An indicator is currently flashing a buy signal, which might drive investors to accumulate BTC.
  • This can be observed on the Reserve Risk indicator as well, which is currently in the green zone.

Bitcoin (BTC) price is currently stuck in the sub $70,000 range after marking an all-time.

However, looking at the on-chain metrics, it appears that BTC could be heading back up.

Bitcoin Flashes Buy Signals

Bitcoin price, trading at $67,760 at the time of writing, is noting a red candlestick today, but the metrics are suggesting a long-term bullish outlook for the cryptocurrency. The Reserve Risk indicator is currently in the green zone, making its way out of it.

This indicator measures the confidence of long-term Bitcoin holders by comparing the current price to its long-term HODLer cost basis. A lower Reserve Risk suggests that long-term holders are likely going to accumulate, signaling a recovery in sight.

This Weekend Could See Bitcoin Break ,000
Bitcoin Reserve Risk. Source: Glassnode

This potential is also visible in the Price Daily Average Addresses (DAA) Divergence. This Indicator measures the disparity between a cryptocurrency’s price and the number of active addresses interacting with it daily, helping identify potential price trends based on user activity.

During moments of price decline and active address incline, the indicator flashes a “buy” signal. Such is the case at the moment, making BTC ripe for accumulation.

This Weekend Could See Bitcoin Break ,000
Bitcoin Price DAA Divergence. Source: Santiment

If these factors drive investors to add BTC to their wallets, Bitcoin price could see a surge in the next few days.

BTC Price Prediction: Bounce

Bitcoin price over this weekend will likely note a rise to $70,000 and beyond. Since investors are likely going to accumulate owing to the bullish anticipation ahead of the halving, the price could go up too.

However, Bitcoin price will find some resistance at $71,370 as this barrier has been unbreached since mid-March and will likely remain that way until intense bullish cues are noted.

Read More: Bitcoin Price Prediction 2024/2025/2030

This Weekend Could See Bitcoin Break ,000
BTC Price Chart. Source: TradingView

On the other hand, if BTC fails to breach the resistance level marked at $68,250, Bitcoin will fall back to $65,300. A drop below it, however, will invalidate the bullish thesis and lead to the cryptocurrency testing of $61,730.

Top crypto platforms in the US | April 2024

This article is sourced from the internet: This Weekend Could See Bitcoin Break $70,000

Related: Ethereum (ETH) Price Touches $3,500 High — Is $4,000 on the Horizon?

In Brief The Ethereum (ETH) price broke out from a confluence of long-term diagonal and horizontal resistance levels. The weekly and daily time frame price action and wave count both support the continuing of the increase. Despite the bullish ETH price prediction, failure to break out from the $3,640 resistance can lead to a drop. The Ethereum (ETH) price increased above $3,500 on February 29 but has fallen slightly since. Ethereum increased above a confluence of short- and long-term resistance levels during the upward movement. Ethereum Reaches $3,500 The weekly time frame technical analysis shows the ETH price has been trading inside a long-term ascending parallel channel since June 2022. The price made two unsuccessful breakout attempts (red icons). ETH finally broke out in February 2024. The breakout (green circle)…

 

© Copyright Notice

Related articles

No comments

You must be logged in to leave a comment!
Login immediately
No comments...