Bitcoin (BTC) slows as the community awaits the next breakout

The pace has slowed in Bitcoin (BTC). It was initially expected to pump the growth once Bitcoin’s halving concluded. It has been almost 2 months, and the only result evident is a slower pace. What’s happening has been defined as a Re-Accumulation phase for Bitcoin. Investors could be looking to buy a share at a time when the token is down or relatively stable.

BTC has been able to stay within a closed range for the last 2–3 months. First, it was exchanging hands between $61,000 and $64,000. Currently, it is trading between $67,000 and $70,000. Suffice it to say Bitcoin may have found relief amid high volatility. As per our BTC price forecast, it is next expected to achieve the milestone of $84,000 and then $100,000 by the end of this year.

Bitcoin briefly tested the $71,500 value in May. It is closer to the last ATH, poised to surpass it in the next couple of months. For reference, BTC is currently exchanging hands at $68,974.52, up by 0.17% in the last 24 hours and 1.81% in the last 7 days. It also reflects a 9.51% surge in the last 30 days. There was a notable upswing in the 24-hour trading volume of 26.96% at the time of writing this article.

The next five and thirty days are imperative for Bitcoin ($BTC), for it could jump as high as $78,000 and $88,000 during those periods, respectively. A jump to $88,814 will be an increase of 28.28% from the current value. It is not impossible for BTC to replicate the trend. It was once below the $20,000 mark and is now way closer to registering a new ATH.

Most of it stems from the trends around Spot Bitcoin ETF. It has attracted institutional and retail investors to expand their investment horizons. What pulled back the token was a small window when the market ventured to explore altcoins. That trend is still evident, but interest in BTC is resurging at a decent pace.

The volatility is around 4.46%, and the 14-day RSI is at 56.95. Overall sentiments are bullish, with the Fear & Greed Index showing 73 points. For BTC, 47% of the trade has been green in the last 30 days.

It is believed that investors may be getting frustrated with Bitcoin. Another theory posits that it is more of a diversification than a loss of interest in the token. Bitcoin has been in the Re-Accumulation phase for 49 days, says Rekt Capital, adding that it tends to make a breakthrough after 150 days of Halving.

The community has begun reacting to the ongoing trends. Many believe that meme coins are stealing the limelight, while others say that it could be a long-term narrative playing with present sentiments. Speculation about targeting $73,000 is gaining momentum.

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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