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BTC eyes $70,000 after holding key support

Bitcoin rebounded to settle at the $60,000 support level. This raises discussions about its ability to reach $70,000 soon.

The recovery follows historical trends and market dynamics.

Is $60,000 the new low? Bullish signs on Bitcoin amid market volatility

Technical analyst Rekt Capital notes a slowdown in sales dynamics. The coin maintains its strength at $60,000. Maintaining this level may also cause prices to increase.

Bitcoin chart for 1 week.
Bitcoin 1-week chart. Source: Rextal

Bitcoin’s recent exit from the “danger zone” after the halving supports the positive outlook. The currency has rebounded strongly from its lowest level.

On-chain analyst Axel Adler Jr. examines on-chain data. Shows no signs of The end of the bull cycle.

“Despite all the negativity in the market, there are no signals in the on-chain data that could indicate the end of the bull cycle.” Adler Jr.

Crypto Rover, a cryptocurrency YouTuber, points out that he is filling the CME gap. This is a bullish sign. A rally above $70,000 could result in over $8.6 billion in near-term liquidations.

Bitcoin 4 hour chart.
Bitcoin 4 hour chart. Source: Crypto Rover

This would push prices beyond current resistance levels (red zone).

Macroeconomic Sentiment Rises BTC: Market Shows Strong Bullish Momentum

On-chain analyst Binhdang reports decreasing selling pressure from long-term holders. The market seems optimistic, perhaps because... IPC data to come.

“In my opinion, the market is mainly expecting positive signals from the CPI data.” Pingdang Scholarships.

Crypto Dan notices changes in money flow patterns compared to previous bull cycles. Despite low short-term inflows, positive factors such as the immediate approval of the BTC ETF and more institutional inflows are boosting the market.

“The probability of reaching the top of this bull cycle is low, around 20%,” he noted.

Maximum Bitcoin Realized – UTXO Age Ranges
Bitcoin has reached the maximum – UTXO age brackets. Source: Cryptoquant

QCP Capital notes Bitcoin's rapid recovery following a recent 5% decline following hawkish comments from the Fed. Upcoming macroeconomic events will likely impact the market. The company remains optimisticand expects further consolidation at higher support levels.

Learn more: Bitcoin (BTC) Price Forecast for 2024, 2025, 2026, 2027

The company noted that the Bitcoin options market offers promising trading opportunities. Strategies such as Unconditional Convertible Fixed Coupon (UFCC) are recommended to generate significant returns, demonstrating strong investor confidence.

Bitcoin, which has stabilized around $60,000, could rise to $70,000. This depends on continued support and favorable economic conditions. With strong market support and significant strategic investments, Bitcoin may be able to test new highs soon.

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