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Bitcoin Price: Is the Price About to Return to $70,000?

Bitcoin BTC Price It has been in a downward correction wave since reaching its all-time high during the last week of last March. After the decline in Bitcoin spot ETF momentum, the Federal Reserve hinted at an extension of monetary tightening policy. A state of pessimism has emerged in the market, with expectations of a deeper price correction.

But last week, negative data on the US economy was released, which gave investors hope in global financial markets. The Federal Reserve may need to accelerate the start of interest cuts this year, and it could do so at least twice, in November and December.

This positive development for high-risk financial assets has given... Some are putting pressure on the price of Bitcoin And with the entire digital currency market. Which reached its lowest level in two months at $56,600.

Thus, Bitcoin price moved back above the pivotal support/resistance level of $60,500. It has been trading in tight ranges this week between the $64,600 level.

Large investor activity in digital currencies has increased

The second factor that has supported the largest digital currency on the market is that many traders are taking advantage of the drop in Bitcoin prices to buy, especially in the Bitcoin shark category. Which has accelerated the pace of its purchases of the main currency over the past two months, as noted in a report Previous to the BeInCrypto site in Arabic.

“Bitcoin sharks” are a class of large investors who hold between 100 and 1,000 Bitcoins in their portfolio. Blockchain data shows that this category of investors has conducted an unprecedented buying campaign over the past two months. This increase represents the largest purchasing wave in this category in the history of the currency in terms of U.S. dollar value.

Although there are conflicts in the interpretation of these movements, they indicate a potential upward trend in the price of Bitcoin (BTC).

Bitcoin sharks are generally experienced and knowledgeable in the digital currency market. Their investments are therefore an important indicator of their future expectations.

Alright then For the data Since Santiment, significant whale activity has been observed over the past 24 hours. Wallets holding between 1,000 and 10,000 BTC have collected approximately $941 million in coins. This hoarding trend represents a return to their highest holding level of the past two weeks.

Final stage of consolidation

Cryptocurrency analyst Rekt Capital said in its latest report that the decline in digital currencies has exceeded all previous declines, recording a decline of 23.6%, surpassing the 22.9% decline that occurred earlier in 2023 .

It turns out that this decline in the value of Bitcoin is also characterized by being one of the longest declines in the current cycle, since it lasted almost 50 days. Which suggests that Bitcoin will soon overcome this negative stage and turn to an upward trend that could take its price to the $70,000 level and perhaps higher.

According to Reckitt Capital's analysis, Bitcoin's stability in its current price range, which could extend up to $70,000 after the halving phase, could indicate a slowdown in the pace of the market in preparation for its synchronization with the periodic halving pattern of Bitcoin. The same analyst suggested that the market would see strong gains that could peak between mid-September and October 2025.

Bitcoin Price Technical Forecast

Technically, it's simpler and clearer, Bitcoin BT PriceC enters a descending price channel. The last analysis therefore remains valid.

4-hour chart of Bitcoin price
4-hour chart of Bitcoin price Source: Trading View

The good thing is that BTC Price In any case, he has great respect for classical artistic levels. The recent bullish wave stopped at a resistance level composed of three identical technical indicators:

  • The upper limit of the (new) descending price channel

  • Simple arithmetic average 200 candles (4 hours)

  • Fibonacci retracement 38.2% to $65,470

Now that he's back BTC Price Above the $60,500 support, we should watch how it handles it in the coming days. Breaking it will be a signal for the price to fall beyond the lower limit of the price channel.

The condition for a rise towards the $71,000 level is to cross the upper limit of the descending price channel and the resistance level of $65,470.

In conclusion, current circumstances offer equal opportunities for ups and downs. There are risks The price’s return to the $52,500 level remains strong.

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