Bitcoin price has surged to near $68,260 in recent days, with bullish momentum taking it tantalizingly close to the psychologically important $70,000 level. This price surge has sparked renewed interest in the cryptocurrency, as it has broken through the crucial resistance level at $68,248.
However, the next move depends on Bitcoin (BTC) investors, who are showing signs of bullishness but are known to change their sentiments quickly. Now, the road to $70,000 is in their hands, with both upside potential and downside risks ahead.
Bitcoin investors are optimistic
Over the weekend, the amount of Bitcoin on exchanges saw a sharp decline, reflecting a growing sense of optimism among investors. Around 40,000 BTC, worth over $2.73 billion, were moved off exchanges, a bullish move.
With the price approaching $70,000, FOMO buying could accelerate the rally. While some investors are entering the market at higher prices, anticipating bigger gains, the fact that BTC is being withdrawn from exchanges is still a positive sign. This shows that many investors are confident in the trajectory of the market.
Bitcoin bullish.
From a technical perspective, Bitcoin’s overall momentum remains strong. One of the key indicators supporting this bullish narrative is the ADX, which is approaching a crucial threshold of 25.0.
If this level is surpassed, it would indicate that the current trend is strong, reinforcing the bullish outlook for Bitcoin. If ADX exceeds 25, it would indicate that Bitcoin is likely to continue its upward trajectory, gaining momentum as it approaches new levels.
BTC Price Prediction: Expect All-Time Highs
At the current price of $68,260, Bitcoin has successfully converted the previous resistance at $68,248 into a new support level. If BTC can hold this support, the next target is the $70,000 mark, followed by $71,367, which represents the final resistance before a new all-time high. Holding above these levels will strengthen Bitcoin’s uptrend and open the door for further price appreciation.
If Bitcoin can break the $71,367 resistance, the final barrier will be broken towards a new all-time high of $73,080. This level will mark a significant milestone for BTC, indicating strong investor confidence and continued market momentum.
However, if Bitcoin loses the $68,248 support level, it risks a correction to $65,292. This could erase much of BTC’s recent gains. A further drop below $65,000 could invalidate the current bullish thesis, leading to a potential bearish reversal.
