Bitcoin Above $62K Eyes A Positive Week Ahead, Targets $70K!

With a phenomenal recovery over the weekends, the Bitcoin price trend is back above the lost level of $60K. Starting a new streak of bullish candles, BTC price ignites a fresh recovery rally this week. 

With the reversal in Bitcoin prices, the altcoin market is back above $1 trillion in capitalization and experiencing massive tailwind pressure. As the biggest crypto reveals a breakout rally ready to gain momentum, the broader market anticipates a bullish week ahead. 

However, the looming possibility of a supply dump from the Mt.Gox payout warns of a crash. What does the Bitcoin price hold ahead? Let’s try to find out with technical analysis. 

Bitcoin Price Performance

Following the correction wave under 200D EMA, Bitcoin absorbs the incoming supply pressure near $56K. With multiple lower price rejection candles, the BTC price action reveals a double bottom reversal. 

With the reversal rally gaining momentum over the weekends, the buyers break past the secondary resistance trendline. This marks the end of the negative cycle within a channel pattern. 

As the bull run challenges the 50D EMA, the daily chart reveals a fourth bullish candle under formation. Currently, the BTC price trades at $62,650 with an intraday jump of 3% and accounts for a 9.27% rise in four days. 

Trump’s Survival Boosts Crypto Market

On Saturday, former US President Donald Trump survived an assassination attempt in Butler, Pennsylvania. Following Trump’s survival, the strong stance boosted the crypto market. 

Fueling the Bitcoin price to surpass the $60K roadblock, the PolitiFi tokens like the Trump and MAGA surged almost 35%.  

Bitcoin ETFs, Onchain & Derivatives

Following the largest inflow in 30 days, the $310M daily inflows in the US Spot ETFs create a strong base for upside movement. Further, it marks the sixth consecutive with a positive inflow. With a cumulative total net inflow of $15.81B, the US Bitcoin ETFs hold 4.52% of the Bitcoin market cap worth $51.34B. 

The Bitcoin OI stands at $16.95B, with a positive growth of 5.3% in the past 24 hours and 18.16% in seven days. Further, the positive funding rate of 0.0040 reveals that buyers are willing to pay a premium to hold bullish positions. 

With $47.80 Million worth of short positions liquidating in Bitcoin over the past 24 hours, the bulls are gaining momentum. 

The Mt.Gox Supply Threat

With the improving sentiments in the crypto market, the bull run is expected to gain momentum this week. However, the looming threat of Mt.Gox payout resulting in a massive supply dump warns of a correction. 

While the market gurus anticipate the major 226 whales that own 50% of all claims to hold their Bitcoins, the sellout threat comes from the bottom 50% of HODLers. The bankrupt companies are expected to sell their while the large individual whales could hold onto their Bitcoins. 

Will BTC Price Hit $70K?

While the early adopters of Bitcoin with diamond hands plan to HODL, the supply pressure could be experienced as the payout journey gains traction. However, the ongoing recovery is expected to continue this week and hit the $70K mark. Thus, increasing the overhead trendline breakout chances.