The digital currency ecosystem is in recovery mode and the price of Bitcoin (BTC) has joined this long-due rebound. At the time of writing, market data pegs the spot price of Bitcoin at $69,485.93, up by a marginal 0.29% in 24 hours.
Bitcoin 1D Chart. Source: CoinMarketCap
Bitcoin Price and Resistances Ahead
The price of Bitcoin has maintained a strong resilience, staying above the key support level at $68,020 over the past week. Despite the actions of market bears, it becomes evidently clear that Bitcoin is ready for a major leg up. Per different analysts’ forecasts, the digital currency might be plotting a breakout, a move that will set the $70,000 as the first crucial resistance point to watch.
The first time Bitcoin price broke the $70,000 point, the coin soared to its All-Time High (ATH) of $73,750.07. At the current price level, Bitcoin is about 5.8% below this ATH with many projections that the coin will surpass this level in no time. Over the past month, Bitcoin price has soared as high as $71,946.46 at a 2.11% surge. This places the $71,000 level a crucial point to watch.
As seen on the BTC chart, the $71,000 price mark comes off as a crucial pivot for Bitcoin. If the price of the flagship coin breaks the bear pressure at $70,000 and $71,000, the will be no major resistance holding it from shooting past its previous All-Time High. Despite the visible slips in the coin’s price over the past few days, the profitability of BTC addresses remains at 94.9%. This suggests that immediate selling pressure from old HODLers is relatively low.
This has set Bitcoin up for a reboot, complemented by the Relative Strength Index (RSI) reading at 44.1. This shows a mild overselling, indicative of a potential change in trend.
The BTC Metrics Are Promising
Bitcoin is in a very unique position for a bullish rebound. This is because its metrics are stronger than ever with spot Bitcoin ETF products acquiring more BTC assets from exchanges than expected.
With a 19-day net inflow streak recorded thus far, spot Bitcoin ETF, backed by supply shortage from the last half has formed the proper setup for an imminent price recovery. Drawing on top industry experts’ projections, Bitcoin might shoot toward $700,000 in the long term, according to Anthony Scaramucci.
Conservative estimates pegs the coin’s price at $100,000 before the end of this year.
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on Twitter, Linkedin
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
