{"id":602412,"date":"2024-04-10T11:02:17","date_gmt":"2024-04-10T11:02:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=602412"},"modified":"2024-06-11T07:05:00","modified_gmt":"2024-06-11T07:05:00","slug":"bitcoin-below-70000-is-80k-still-possible-or-is-the-rally-over","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-below-70000-is-80k-still-possible-or-is-the-rally-over\/","title":{"rendered":"Bitcoin Below $70,000: Is $80K Still Possible, Or Is The Rally Over?"},"content":{"rendered":"

Bitcoin, the undisputed king of cryptocurrencies, is once again on a wild ride. After a surge over the weekend that brought it close to shattering its all-time high, the digital asset has dipped back below the crucial $70,000 mark in the last 24 hours. This sudden correction has left investors wondering if the predicted surge to $80,000 is still on the table.<\/p>\n

\"\"Source: Coingecko<\/a><\/pre>\n
Related Reading: Polkadot Shines \u2013 Is Now The Time To Buy DOT Before $10?<\/a><\/div>\n
Bitcoin Erases Weekend Gains<\/strong><\/h2>\n
Just days ago, Bitcoin bulls were celebrating as the price climbed to near record highs exceeding $70,000. This bullish momentum fueled optimism, with analysts like Markus Thielen predicting a swift climb towards $80,000.<\/p>\n
However, that optimism has been tempered by the recent price drop. Bitcoin has plummeted roughly 6% from its peak, effectively erasing the gains made earlier this week. While the price has recovered slightly to hover around $69,200, it remains below the psychological barrier of $70,000.<\/p>\n
Is The $80,000 Dream Dead?<\/strong><\/h2>\n
The recent correction has undoubtedly dampened spirits, but some analysts are still confident that Bitcoin’s journey to $80,000 is far from over. Proponents of this view point to a few key factors that continue to fuel their bullish sentiment.<\/p>\n
Stablecoin Inflows: A Beacon Of Hope?<\/strong><\/h3>\n
One factor cited by Thielen is the continued strength of stablecoin inflows. Stablecoins, cryptocurrencies pegged to traditional assets like the US dollar, are often used as an entry point for investors into the crypto market.<\/p>\n
<\/p>\n
Total crypto market cap is currently at $2.5 trillion. Chart: TradingView<\/a><\/pre>\n
According to Thielen, these robust inflows suggest sustained investor interest despite the short-term price fluctuations. Additionally, he highlights a recent technical chart pattern breakout, specifically a symmetrical triangle, as another bullish indicator.<\/p>\n
Technical analysts believe such breakouts often signal a continuation of the prior trend, which in this case would be positive for Bitcoin.<\/p>\n
On-Chain Data Bolsters Bullish Case<\/strong><\/h3>\n
Some analysts point to on-chain data from IntoTheBlock, which reveals significant buying support at current price levels.<\/p>\n
This data suggests that a large number of addresses (essentially unique identifiers for cryptocurrency wallets) purchased Bitcoin<\/a> within the range of $68,200 and $70,325.<\/p>\n
This buying activity indicates potential resistance against further price dips, as these addresses would likely be hesitant to sell at a loss.<\/p>\n
\"\"Bitcoin price action in the last week. Source: Coingecko<\/pre>\n
Bullish And Bearish Forces<\/strong><\/h3>\n
The current situation presents a classic tug-of-war between Bitcoin bulls and bears. While the recent price correction has shaken some confidence, strong stablecoin inflows and on-chain buying activity suggest underlying bullish pressure.<\/p>\n
However, they remain cautious, pointing to the slowdown in investments specifically targeted at spot Bitcoin ETFs<\/a> (Exchange Traded Funds) as a potential concern. These ETFs allow investors to gain exposure to Bitcoin’s price movements without directly owning the cryptocurrency.<\/p>\n
\"\"Source: CoinShares<\/pre>\n
Meanwhile, a report by CoinShares, a digital asset manager, highlights a significant decrease in inflows to such ETFs in recent weeks, suggesting that some institutional investors might be adopting a wait-and-see approach.<\/p>\n
Related Reading: Don\u2019t Miss The Boat! Ethereum Whales Signal Bullish Run With $40 Million Bet<\/a><\/div>\n
The future trajectory of Bitcoin remains uncertain. The coming days and weeks will be crucial in determining whether the bulls can overcome the current resistance and propel the price towards $80,000.<\/p>\n
Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin, the undisputed king of cryptocurrencies, is once again on a wild ride. After a surge over the weekend that brought it close to shattering its all-time high, the digital asset has dipped back below the crucial $70,000 mark in the last 24 hours. This sudden correction has left investors wondering if the predicted surge to $80,000 is still on the table. Source: Coingecko Related Reading: Polkadot Shines \u2013 Is Now The Time To Buy DOT Before $10? Bitcoin Erases Weekend Gains Just days ago, Bitcoin bulls were celebrating as the price climbed to near record highs exceeding $70,000. This bullish momentum fueled optimism, with analysts like Markus Thielen predicting a swift climb towards $80,000. However, that optimism has been tempered by the recent price drop. Bitcoin has plummeted roughly 6% from its peak, effectively erasing the gains made earlier this week. While the price has recovered slightly to hover around $69,200, it remains below the psychological barrier of $70,000. Is The $80,000 Dream Dead? The recent correction has undoubtedly dampened spirits, but some analysts are still confident that Bitcoin’s journey to $80,000 is far from over. Proponents of this view point to a few key factors that continue to fuel their bullish sentiment. Stablecoin Inflows: A Beacon Of Hope? One factor cited by Thielen is the continued strength of stablecoin inflows. Stablecoins, cryptocurrencies pegged to traditional assets like the US dollar, are often used as an entry point for investors into the crypto market. Total crypto market cap is currently at $2.5 trillion. Chart: TradingView According to Thielen, these robust inflows suggest sustained investor interest despite the short-term price fluctuations. Additionally, he highlights a recent technical chart pattern breakout, specifically a symmetrical triangle, as another bullish indicator. Technical analysts believe such breakouts often signal a continuation of the prior trend, which in this case would be positive for Bitcoin. On-Chain Data Bolsters Bullish Case Some analysts point to on-chain data from IntoTheBlock, which reveals significant buying support at current price levels. This data suggests that a large number of addresses (essentially unique identifiers for cryptocurrency wallets) purchased Bitcoin within the range of $68,200 and $70,325. This buying activity indicates potential resistance against further price dips, as these addresses would likely be hesitant to sell at a loss. Bitcoin price action in the last week. Source: Coingecko Bullish And Bearish Forces The current situation presents a classic tug-of-war between Bitcoin bulls and bears. While the recent price correction has shaken some confidence, strong stablecoin inflows and on-chain buying activity suggest underlying bullish pressure. However, they remain cautious, pointing to the slowdown in investments specifically targeted at spot Bitcoin ETFs (Exchange Traded Funds) as a potential concern. These ETFs allow investors to gain exposure to Bitcoin’s price movements without directly owning the cryptocurrency. Source: CoinShares Meanwhile, a report by CoinShares, a digital asset manager, highlights a significant decrease in inflows to such ETFs in recent weeks, suggesting that some institutional investors might be adopting a wait-and-see approach. Related Reading: Don\u2019t Miss The Boat! Ethereum Whales Signal Bullish Run With $40 Million Bet The future trajectory of Bitcoin remains uncertain. The coming days and weeks will be crucial in determining whether the bulls can overcome the current resistance and propel the price towards $80,000. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":602426,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,4735,3505],"class_list":["post-602412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-price-action","tag-price-analysis"],"acf":[],"yoast_head":"\nBitcoin Below $70,000: Is $80K Still Possible, or Is the Rally Over?<\/title>\n<meta name=\"description\" content=\"Bitcoin, the undisputed king of cryptocurrencies, is once again on a wild ride. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/uniquehot.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Below $70,000: Is $80K Still Possible, Or Is The Rally Over?","url":"http:\/\/uniquehot.com\/news\/bitcoin-below-70000-is-80k-still-possible-or-is-the-rally-over\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-below-70000-is-80k-still-possible-or-is-the-rally-over\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/a_f968a9.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/a_f968a9.jpg?fit=2816%2C2112"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","price action","price analysis"],"dateCreated":"2024-04-10T11:02:17Z","datePublished":"2024-04-10T11:02:17Z","dateModified":"2024-06-11T07:05:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Below $70,000: Is $80K Still Possible, Or Is The Rally Over?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-below-70000-is-80k-still-possible-or-is-the-rally-over\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-below-70000-is-80k-still-possible-or-is-the-rally-over\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/a_f968a9.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2024\\\/04\\\/a_f968a9.jpg?fit=2816%2C2112\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"price action\",\"price analysis\"],\"dateCreated\":\"2024-04-10T11:02:17Z\",\"datePublished\":\"2024-04-10T11:02:17Z\",\"dateModified\":\"2024-06-11T07:05:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/04\/a_f968a9.jpg?fit=2816%2C2112","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/602412"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=602412"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/602412\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/602426"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=602412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=602412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=602412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}