Bitcoin price breaks out of bullish pattern, price reaches $74,000

A combination of technical analysis and on-chain data suggests that Bitcoin is set for a major move. If the price can sustain above the key resistance level of $69,330, it could pave the way for a rally to $74,000 and beyond.

Bitcoin is currently maintaining steady momentum at $69,000.

The report shows that the range between $66,900 and $68,900 indicates the presence of a “significant demand zone.” More than 2 million addresses hold about 1.1 million Bitcoins in this range. This accumulation illustrates strong support and a solid foundation for potential price increases.

The current market sentiment is increasingly positive, driven by key events and developments. The approval of a spot Bitcoin ETF in the United States has opened up new avenues for institutional investment, bringing additional liquidity and legitimacy to the market.

Bitcoin price is currently up 2.04% and trading at $69,056.03, having previously hit a 24-hour high of $69,313.26. It is worth noting that the trading volume has soared 119.15% in the past 24 hours to $24.29 billion. It can be seen that traders' attention to BTC is increasing every day.

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