๐๐ BITCOIN EYES $85K: WEEKLY CLOSE ABOVE $71,300 IS CRUCIAL ๐๐
Bitcoin is on the verge of a significant breakout, with analysts predicting a potential surge to $85,000. For this bullish momentum to confirm, Bitcoin must achieve a weekly close above $71,300.
๐ Wyckoff Pattern Targets $85,000:
Crypto analyst Mikybull points to the Wyckoff accumulation method, suggesting a possible breakout. The Wyckoff method outlines a market cycle in four phases. Bitcoin appears poised for the "Sign of Strength" (SOS) phase, indicating a potential rise to $85,000.
๐ Technical Analysis Insights:
Popular analyst Rekt Capital emphasizes the importance of a weekly close above $71,300 to maintain upward momentum. โWeโre ahead 170 days in this cycle. A weekly close above $71,300, a range high resistance, is key for continued gains,โ Rekt Capital noted in a YouTube video.
๐ RSI and Market Dynamics:
Bitcoinโs relative strength index (RSI) peaked at 74 before retracing to 68, suggesting a fair trading value. A cooldown in RSI to around 50 might be necessary to fuel further price increases.
๐น ETF Inflows and Market Impact:
Continued inflows from U.S. spot Bitcoin ETFs are bolstering Bitcoinโs price. On June 5, Bitcoin ETFs saw collective inflows of $488.1 million, and on June 4, they recorded $886.6 million in inflows. These inflows have significantly contributed to Bitcoinโs recent performance.
๐ Conclusion:
Bitcoin is at a pivotal moment. Achieving a weekly close above $71,300 could confirm the path to new all-time highs at $85,000. Investors are closely watching these indicators, eager to see if Bitcoin can maintain its bullish trajectory.
๐ What are your thoughts on Bitcoin's potential breakout? Like, share & comment!
@Professor Mende - Founder of BONUZ Project - in Dubai UAE out!
