Bitcoin Price Surges Towards $61,000, Eyeing Potential Breakout To $67-$68k Range

Bitcoin (BTC), the largest cryptocurrency in the market, has experienced a notable resurgence in its bullish momentum, with the Bitcoin price reclaiming the crucial $61,000 threshold.  This recovery follows a week-long downtrend that led to a 20% drop to $56,000 on Wednesday. As the bullish momentum returns, the possibility of further testing upper resistance levels and reclaiming previously lost price levels grows stronger. Bitcoin Bulls Eye $68,000 According to market expert Justin Bennett, a recovery of the $61,000 resistance level would open up potential areas such as $67,000 to $68,000. However, at the present moment, this level continues to pose a significant resistance. Related Reading: Standard Chartered Bank Analysts Sound Warning Alarm: Bitcoin Price Can Still Drop To $50,000 Analyzing the recent correction in the Bitcoin price, analyst Crypto Con suggests that the market correction was necessary for the long-term price trajectory.  The full retest of the 20-week Exponential Moving Average (EMA) support at $56,700 and the return to indicator support zones, such as the Directional Movement Index, indicate a healthy price consolidation. In addition to the technical indicators, on-chain and market data analytics firm CryptoQuant’s founder and CEO, Ki Young Ju, highlights the current bullish sentiment.  According to their data, whales accumulated a significant amount of Bitcoin, totaling 47,000 BTC, within the past 24 hours. This increased accumulation by large investors further bolsters the positive outlook for Bitcoin’s price. Bitcoin Price Poised For Bullish Surge Crypto analyst Titan of Crypto has provided further bullish predictions for the Bitcoin price, suggesting that recent corrections have resulted in the grabbing of leverage longs liquidity. In addition, the Stochastic Relative Strength Index (RSI)on the 5-day chart is on the verge of crossing into bullish territory.  This occurrence has historically been followed by an upward price movement in Bitcoin, leading to higher highs. Such a pattern has the potential to fuel renewed investor confidence and attract further buying pressure. Related Reading: Why This Crypto Bull Run Might Not Live Up To The Past: Analyst Another positive signal highlighted by Titan of Crypto is the recent buy signal generated by the Supertrend indicator, as seen in the chart below. This technical tool helps identify trends in an asset’s price movement.  The buy signal, which occurred just three months ago, implies that Bitcoin may still have significant room for growth before reaching its cycle top. According to the analyst, historical data suggests that the average duration from the buy signal to the cycle top is approximately 19 months, indicating the potential for a sustained upward trend. Currently trading at $61,600, Bitcoin has seen a significant increase of 4.7% in the last 24 hours alone. It remains to be seen if BTC will successfully break above resistance levels, while also challenging the ability of previously retested support levels to withstand potential future downtrends. Featured image from Shutterstock, chart from TradingView.com

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Record $1 Billion In Shorts Risk Liquidation If Bitcoin Hits This Price

The Bitcoin price is creeping up once again, rising to a new all-time high above $71,000 in the early hours of Monday. As the price surge continues, it has put a record number of shorts at risk, where a less than 10% move upward from here will see $1 billion in shorts liquidated. $1 Billion In Shorts At Risk Of Liquidation Crypto trader and analyst Ash Crypto took to X (formerly Twitter) to share a map that showed the number of short positions at risk as the price of Bitcoin rises. The map shared in the post showed that short liquidation leverage had risen above $1 billion. Related Reading: Shiba Inu BONE Token Garners Over 20,000 Picks On Binance Futures NEXT Program These short leverage positions had been rising along with the price with a large number of crypto investors expecting the price to crash after pumping to a new all-time high. However, Bitcoin seems to have other plans in mind with its price surging close to $72,000 and increasing the risk of liquidations for these positions. For these positions, Bitcoin reaching $75,000 would be detrimental to them. At this price level, over $1 billion worth of short positions will be liquidated. $1,000,000,000 WORTH OF SHORTS WILL GET LIQUIDATED IF BTC HITS $75,000, Ash Crypto revealed. Will Bitcoin Stop Anytime Soon? The Bitcoin price has seen a 10.33% increase in the last week and shows no signs of stopping soon. However, the debate of whether it continues upward or downward continues to wax strong as crypto analysts far and wide proffer their own predictions. One crypto analyst know as MarcPMarkets suggests that the price of Bitcoin could hit resistance and then spiral back down if Bitcoin fails to properly clear the $70,000. But the analyst also explains that there is a possibility that the positive price action does continue if price does push above $71,500 and makes a close above it. Related Reading: Litecoin Beats Out Dogecoin, Bitcoin To Emerge As Top Crypto For Payments At the time of writing, Bitcoin is trading above $71,700, which shows it has cleared the level highlighted in the analyst. Now, what remains is to see if the cryptocurrency is able to make a daily close above $71,500, something that would be incredibly bullish for price. In this case, the BTC price could rise as high as $80,000 following this breakout. The Bitcoin move over $71,000 has already had a significant impact on traders in the last day. Over $333 million has been lost by traders in one day. But interestingly, the majority of liquidations (64.29%) happen to be long positions, according to data from Coinglass. BTC price reaches new ATH | Source: BTCUSD on Tradingview.com Featured image from, chart from Tradingview.com Atlantic Council

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Bitcoin At Critical Inflection Point, Will Bulls Prevail?

It’s always “now or never” for Bitcoin, but it really does feel that way right now… Covered: Bitcoin’s parabolic rise since 2020 Retail buying, Whales risk-off selling Support at 40k is when Whales may come back in Other factors indicate bullishness Parabolic Since March 2020 Let’s have some perspective here…when looking at the charts, Bitcoin […]

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Bitcoin Price Soars, Smashing Through $45,000 On The Back Of Two Key Factors

In the past 14 days, the Bitcoin price has displayed a significant uptrend of 14.5%, signaling a resurgence in bullish sentiment. This rally comes as Bitcoin spot exchange-traded funds (ETFs) have been trading for nearly a month, with the market already factoring in this development. As a result, Bitcoin is back on its natural course, gaining momentum ahead of the scheduled halving in April. Currently, Bitcoin has not only regained its bullish momentum after a brief dip to the $38,500 level but has also surpassed the $45,300 mark. It now edges closer to its 25-month high of $49,000, with the $50,000 milestone within reach.  Achieving this level would significantly narrow the gap between the current price and Bitcoin’s all-time high (ATH) of $69,000. However, what are the main catalysts behind this uptrend, and how far can the Bitcoin price climb? Reduction Of GBTC Flows And Net Positive BTC Spot ETF Inflows According to the latest analysis by QCP Capital, two key factors are driving Bitcoin’s upward trajectory:  Daily outflows from the Grayscale Bitcoin Trust (GBTC) have decreased from $500-600 million to $100-200 million. Simultaneously, total inflows across all Bitcoin ETFs are now positive. This shift in the GBTC flows, and the emergence of net positive BTC spot ETF inflows contribute to the current bullish trend, according to the crypto trading firms analysis Related Reading: Ethereum Breaks Above $2,400: This Metric Points To Further Upside Additionally, notable price movements have been observed around spot ETF fixings. Between 3-4 pm EST, QCP has recorded that the Bitcoin price tends to tick higher, possibly due to the one-hour observation window used by the BlackRock ETF (IBIT) to calculate its Net Asset Value (NAV).  Conversely, downward pressure is typically observed after 4 pm EST as GBTC employs a point fix, leading market makers to sell around and after the fix. Strong Performance In US Equities Despite the Federal Reserve’s hawkish stance and higher US yields driven by robust February Non-Farm Payroll data (353k actual vs. 180k expected), US equities continue outperforming.  Companies like NVDA and META have rallied due to strong earnings and positive headlines. Underallocated investors will likely continue buying any equities dips as they chase returns.  According to the analysis, this bullish sentiment is expected to spill over into BTC and Ethereum (ETH), further fueled by the upcoming BTC halving and the ETH spot ETF narratives. Ultimately, the trading firm assesses significant interest in accumulators, which enable investors to purchase Bitcoin or ETH at a substantial discount to the current spot price. This strategy is believed to present an attractive opportunity for bullish investors looking to build long positions throughout the year. Bitcoin Price Faces Strong Barriers On Its Way To $50,000 Despite the uptrend, notable resistance levels could impede further upward movement and potentially lead to a consolidation phase for Bitcoin.  To assess the nearest-term resistances accurately, the 1-hour chart indicates potential price paths for Bitcoin in the coming days if these bearish thresholds are breached. In the immediate time frame, the $45,500 level emerges as Bitcoin’s next resistance level. This level previously marked a correction in the Bitcoin price shortly after the introduction of ETF trading. Subsequently, the next target would be the $46,600 level if the immediate resistance at $45,500 is surpassed. However, while these two thresholds may present challenges, no significant resistance levels are evident on Bitcoin’s hourly chart until the $48,500 level.  This particular level represents the final hurdle for Bitcoin before reclaiming its previous high reached on January 11, immediately following the approval of ETFs by the US Securities and Exchange Commission (SEC). Related Reading: Shiba Inu Price Breaks 2-Month Downtrend, Eyes New Peaks Considering the combined factors of Grayscale’s reduced sell-off and the overall performance of the equity market, alongside renewed investor sentiment, Bitcoin could potentially surge to previous highs and even surpass them, marking new highs since the end of the crypto winter.  The key factor to be seen is how Bitcoin’s price will respond when encountering these highlighted resistance walls and whether the buying pressure will be sufficient to propel Bitcoin back on track toward the bullish momentum observed at the beginning of 2024. Featured image from Shutterstock, chart from TradingView.com

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Can Bitcoin Overcome Past Trends? Examining The Pre-Halving Rally And Resistance Levels

Bitcoin (BTC), the largest cryptocurrency in the market by trading volume and capitalization, has embarked on a renewed bullish uptrend, reclaiming previously lost territories and surpassing resistance levels, igniting optimism among investors.  Currently trading just below its 25-month high of $49,000 at $47,900, Bitcoin has experienced a remarkable price increase of over 6% within 24 [...]

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Bitcoin Whales Grew Substantially During Last Dip, Data Shows Large-Holder Accumulation

Bitcoin nearly reached $69,000 yesterday, setting a new local high and further solidifying the ongoing uptrend that began in September. This price action has fueled optimism among analysts and investors, who now anticipate significant gains in the coming weeks.  Investors believe Bitcoin is ready for a strong rally after seven months of sideways accumulation. Critical [...]

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Bitcoin Facing Potential Capitulation Amid On-Chain Liquidity Squeeze, Analyst Says

According to a crypto analyst, Bitcoin (BTC) may be heading towards a capitulation due to tightening on-chain liquidity. However, this capitulation could be followed by a “full bull” market. Bitcoin Headed Lower Before Higher In a detailed thread on X about BTC price analysis, crypto analyst Cole Garner stated that capitulation might be on the [...]

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