Is Bitcoin Targeting $70K This Week
Bitcoin has recovered above $60K with a bullish trend, igniting a fresh recovery rally. This surge has pushed the altcoin market above $1 trillion in capitalization, signaling a potentially bullish week ahead. However, a possible supply dump from the Mt.Gox payout looms as a threat.
**Bitcoin Price Performance**
After correcting under the 200D EMA, Bitcoin absorbed supply pressure near $56K, forming a double bottom reversal. The recent rally saw BTC break past secondary resistance, ending a negative cycle. Currently trading at $62,650, Bitcoin has risen 9.27% in four days.
**Trump’s Survival Boosts Crypto Market**
An assassination attempt on former US President Donald Trump, which he survived, boosted the crypto market, driving Bitcoin past $60K and surging PolitiFi tokens like Trump and MAGA by 35%.
**Bitcoin ETFs, Onchain & Derivatives**
US Spot ETFs saw the largest inflow in 30 days, creating a strong base for upside movement with a total net inflow of $15.81B. Bitcoin's open interest (OI) stands at $16.95B, growing 5.3% in 24 hours. The positive funding rate indicates bullish positions, with $47.80 million in short positions liquidated in the past 24 hours.
**The Mt.Gox Supply Threat**
While the crypto market sentiment improves, the threat of a Mt.Gox payout causing a massive supply dump warns of a correction. Major whales might hold their Bitcoins, but the sellout threat comes from smaller HODLers.
**Will BTC Price Hit $70K?**
Despite potential supply pressure, the ongoing recovery is expected to continue this week, with Bitcoin potentially hitting the $70K mark and increasing chances of an overhead trendline breakout.
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