Bitcoin dips below $70k, keeps bullish hopes alive for a rebound

Bitcoin was previously teased to climb the ladder and reach closer to $84,000. That didn’t happen, but what has happened has signaled the potential for a rebound. Interestingly, it is a dip below the mark of $70,000. Industry experts believe that the dip has brought the opportunity to accumulate tokens and strengthen the support margin.

BTC was last listed at $69,386.28, up 0.05% in the last 24 hours. It further reflects a surge of 0.505% in the last 7 days and 10.36% in the last 30 days. Investors and traders have spent more than $67 billion accumulating the token, making the current zone one of the most accumulated areas in recent times.

Hopes for a rebound are backed by the Relative Strength Index – RSI – which is above 55 at the moment. It reflects the scope for a bull run in the coming days. Moreover, it refers to a point where BTC can eventually stabilize and possibly trigger an upward swing.

An initial support level is between $67,000 and $69,000. The accumulation zone has seen 1.97 million addresses purchase 964,000 BTC tokens, primarily because they want to reduce selling pressure. Simultaneously, the withdrawal of BTC takes a certain portion of the supply out of the system, indicating that there is not a lot to sell in the market.

The withdrawal was last made for 21,000 – moving tokens off the exchange platforms to reduce the supply from approximately 2.332 million to 2.311 million. The value, at the time of transactions, was around $1.57 billion.

The market cap of Bitcoin is slightly in the red by 0.04%, and the 24-hour trading volume has jumped by 25.19%. Bitcoin is predicted to be valued at $78,912 in the next 5 days and $89,325 in the next 30 days. The monthly uptick comes to around 28.20% from the current value. 

Bitcoin’s volatility is down to 4.16%, with a 14-day RSI of 55.74. Overall sentiments are bullish, with the Fear & Greed Index showcasing 72 points.

BTC has had 53% green days in the past month. It currently has a 50-day SMA and 200-day SMA of $65,548 and $54,966 respectively.

Spot Bitcoin ETFs are still recognized as a game changer for the token and the market as a whole. It has seen a significant inflow of capital originating from retail and institutional investors.

The future outlook of Bitcoin is positive. It could end in 2024 closer to $100,000. There is speculation that the value can go as high as $150,000 by year-end. No matter the actual outcome, BTC has gained substantial attention in the market—ultimately benefiting other crypto tokens like Ether, SOL, and XRP, which are now aiming to have their ETFs in the market soon.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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Bitcoin (BTC) $ 67,809.17
Ethereum (ETH) $ 3,501.52
Tether (USDT) $ 1.00
BNB (BNB) $ 606.82
Solana (SOL) $ 150.28
XRP (XRP) $ 0.487381
Dogecoin (DOGE) $ 0.143699
Cardano (ADA) $ 0.429707