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Cryptocurrency News Articles
Bitcoin (BTC) Price Consolidates Above Bull Flag Top – Will BTC Surpass the Last Swing High at $70,000?
Oct 18, 2024 at 07:01 pm
In recent market movements, Bitcoin (BTC/USD) has managed to break out of the top of its long-standing bull flag and is currently consolidating above.
Bitcoin (BTC) price broke out of the bull flag top and is now consolidating above it. Will BTC price continue to rise and clear the last swing high at $70,000, or will the bulls run out of steam?
In recent market movements, Bitcoin (BTC/USD) price managed to break out of the bull flag top and is currently consolidating above it. This price development could be attributed to the massive inflows into the U.S. Spot Bitcoin ETFs over the last five days, pulling a total of more than $2.1 billion off the market.
The汹涌澎湃的 buying from the U.S. Spot Bitcoin ETFs, coupled with the renewed bullish sentiment among investors, could pave the way for the BTC price to rally and clear the last swing high at $70,000, an important price level.
Saylor, Trump put a spotlight on BTC
In the backdrop of the strong institutional demand for Bitcoin, Michael Saylor recently commented that Microstrategy is looking to become a Bitcoin bank. This potential move highlights the institutional demand for Bitcoin, especially from traditional finance, and also underlines the growing importance of Bitcoin and cryptocurrency as financial assets.
Meanwhile, Donald Trump continues to put a spotlight on digital assets, as his presidential campaign raises more than $7.5 million in crypto. This not only adds credibility to the crypto sector but also marks the beginning of a normalization for this type of political fundraising.
BTC price on the小時圖 shows institutional buying, price consolidates
On the shorter time frame, the BTC price is meeting a horizontal resistance at the current price of around $68,000, with the 0.786 Fibonacci level likely to offer strong resistance just above this.
We could expect BTC price to continue to consolidate between this resistance and the bull flag trend line top. However, the massive institutional buying of the Spot Bitcoin ETFs, and the overall bullish sentiment in the market for BTC, could combine to push Bitcoin higher.
BTC price targets
The daily time frame shows the breakout of the bull flag for the BTC price. The Stochastic RSI price momentum indicator is showing a top, but if we look back to the beginning of the move from the bottom of the flag in September, the indicator lines managed to stay above the 75.00 level for quite some time, which allowed the price to rally almost $14,000 during this period. This could happen again.
The price targets for the BTC price are the blue lines that indicate the previous swing highs. These are at $70,000, $71,900, and then the all-time high at $73,800. Bitcoin price could reach its high before the year ends, but is $100,000 also on the cards?
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