Price Analysis View Non-AMP

Bitcoin Price Analysis: Will BTC Price Break $70,000 This Weekend or Form Another Lower High?

Published by
Sahana Vibhute

Bitcoin finally made it above $64,000, even though the bears quickly dragged it below the range. The ongoing consolidation is looked to be a part of a post-halving accumulation that breaks out 170 days after the event. The rally further peaks after 480 days and hence it appears that the rally is yet to begin as we are currently 152 days after the BTC halving. As the US elections are underway, global liquidity is expected to spike up. Therefore, the BTC price is believed to break out violently from the pattern it is trading at the moment. 

On the other hand, the BTC price has not confirmed a rise above the bearish influence, which has kept the possibility of a rejection alive. Ever since the BTC price surpassed $64,000, the bears have become pretty vigilant and are exerting enough pressure over the token. Currently, the price has dropped below $63,000 after losing the higher range soon after marking daily highs. With this, the bearish hopes of plunging back below $60,000 arise, but here’s the major twist. 

As per the data from Coinglass, the BTC Puell multiple indicators have just flashed bullish signals as the indicator is approaching the green zone. The indicator reaching the red zone suggests the BTC price is too high and hence needs to drop. Conversely, the indicator in the green zone indicates that the price is pretty low and could bounce very soon. It is a miner revenue-based indicator and hence reaching the red zone also indicates their revenues are higher than 365-D MA levels. This may compel some of the miners to close the rigs, which may decrease the hash rate. 

At present, the levels are about to enter the green zone, which is a bullish signal and also be considered a great time to accumulate BTC. Regardless of this, the price has not confirmed a bullish reversal and in such a case, the question arises: whether the token will form another lower high?

The daily chart of Bitcoin offers a clear picture of it remaining stuck within a descending trend. The latest move may have raised the price above the local resistance, but the bulls are falling week as they approach the descending trend line, acting as a pivotal resistance. With the daily candle turning bearish, the possibility of the token forming another lower high has emerged. 

Regardless of the interim bearish influence, the Bitcoin (BTC) price, from a wider perspective, continues to trade under the bullish influence within a bull flag. Hence, a breakout from the pattern is expected to trigger a massive run, probably beyond $100K.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Recent Posts

Was Jed McCaleb’s Exit from Ripple a ‘Breakup’ or a Brilliant Strategy? Find Out!

Jed McCaleb’s departure from Ripple in 2014 has long been the subject of speculation. Many…

April 27, 2025

Pi Network: Why Dr Altcoin Strongly Believes in Its Future – Key Reason Behind It

While many people are still trying to figure out the next big thing in crypto,…

April 27, 2025

Binance Coin Price Prediction 2025, 2026 – 2030: Will BNB Hit $1000?

Story Highlights Binance Coin Price Today is . The BNB price prediction anticipates a potential…

April 27, 2025

Dogecoin Price Prediction 2025, 2026 – 2030: Will DOGE Price Hit $1?

Story Highlights The price of Dogecoin today is . Dogecoin price may reach a maximum…

April 27, 2025

Cardano Price Prediction 2025, 2026 – 2030: Will ADA Price Hit $2?

Story Highlights The live price of the Cardano token is . ADA coin price could…

April 27, 2025

Nike Hit With $5M Lawsuit as NFT Buyers Lose Big After RTFKT Shutdown

Nike is facing a new lawsuit from NFT buyers who claim they lost money after…

April 26, 2025