š„š„š„ Parabolic Rally In The Making? Bitcoin Regains $70,000 As Tradersā Paper Profits Collapse To 3%
#Bitcoin's Consolidation and Bullish Outlook
- Bitcoin (BTC) has recently consolidated between $67,000 and $70,000 after a brief correction in early May. This period coincides with renewed #ETFā inflows and reduced selling pressure.
Reduced Selling Pressure and Market Sentiment
- Julio Moreno of CryptoQuant notes that Bitcoin's current price level sees significantly lower selling pressure compared to previous peaks, indicating exhaustion of heavy selling. Santiment data shows Bitcoin's market cap surpassing $70 billion independently of the stock market, signaling positive market sentiment.
Pre-Breakout Consolidation Phase
- Rekt Capital observes Bitcoin's recent weekly candle closing below range high resistance, suggesting further consolidation within the $60,000 to $70,000 range. This aligns with the belief in two remaining phases of the bull cycle: re-accumulation and a parabolic rally.
Anticipated Bullish Momentum
- Historically, Bitcoin consolidates around all-time highs before significant bull runs. With the current consolidation at elevated levels, expectations are for a post-Halving rally to propel Bitcoin even higher than its mid-March peak of $73,700.
Current Market Performance
- Bitcoin has gained 2% in the past 24 hours and 10% in the past month, currently trading at $70,200. This positions Bitcoin at a critical stage in its bull cycle, with potential for a transition from consolidation to a parabolic surge.
Source - newsbtc.com
