{"id":649170,"date":"2024-10-22T06:00:08","date_gmt":"2024-10-22T06:00:08","guid":{"rendered":"https:\/\/uniquehot.com\/?p=649170"},"modified":"2024-10-22T03:31:38","modified_gmt":"2024-10-22T03:31:38","slug":"market-analyst-charts-the-bitcoin-journey-to-70000-weekly-price-action-insights","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/market-analyst-charts-the-bitcoin-journey-to-70000-weekly-price-action-insights\/","title":{"rendered":"Market Analyst Charts The Bitcoin Journey To $70,000: Weekly Price Action Insights"},"content":{"rendered":"

Since July 29, the Bitcoin price has been struggling to regain the $70,000 mark, which has proven to be a formidable resistance barrier for the leading cryptocurrency. This resistance has been in place for the last two quarters of the year, after BTC hit an<\/span> all-time high<\/span><\/a> of $73,700 back in March this year.\u00a0<\/span><\/p>\n

Since then, the market has experienced price corrections and periods of consolidation, but recent bullish sentiment has sparked hope for a price resurgence as the year progresses.<\/span><\/p>\n

Could $70,000 Be Within Reach?<\/span><\/h2>\n

Market analyst Rekt Capital has provided insights into Bitcoin’s current trajectory, emphasizing the recent uptrend and the potential for the cryptocurrency to regain the $70,000 mark.\u00a0<\/span><\/p>\n

Notably, Rekt <\/span>pointed out<\/span><\/a> that Bitcoin has broken through a downtrending channel after surpassing the $65,000 level earlier this month, effectively invalidating a series of lower highs that had been established since mid-March.<\/span><\/p>\n

Related Reading: XRP Network Activity Surges As Price Seeks To Break $0.55 Resistance<\/a><\/div>\n

This breakout signifies the end of the previous downtrend. Rekt noted that Bitcoin had repeatedly failed to break above the channel’s <\/span>resistance<\/span><\/a>, but the most recent weekly close has shifted market sentiment.\u00a0<\/span><\/p>\n

\"Bitcoin\"
Breakout of BTC’s downtrend channel after three failed attempts earlier this year. Source: Rekt Capital Newsletter<\/a><\/figcaption><\/figure>\n

In his analysis, Rekt explains that Bitcoin is currently retesting its former resistance point above $69,000, suggesting that a successful retest could confirm the breakout and pave the way for further upside momentum.<\/span><\/p>\n

Rekt further explains that the current retest of lower <\/span>support <\/span><\/a>floors could see Bitcoin’s price dip to around $66,300, which is the channel top. This level has previously served as a significant barrier, preventing the price from reaching higher levels.\u00a0<\/span><\/p>\n

Rekt pointed out that last week’s performance demonstrated the importance of this area, as Bitcoin closed above the lower high, setting the stage for a possible transition to higher levels if the aforementioned support holds.<\/span><\/p>\n

Key Resistance Challenge Ahead For Bitcoin<\/span><\/h2>\n

If Bitcoin successfully retests this support level, the analyst expects that the next target would be the range high at approximately $71,500. This level marks a crucial challenge for Bitcoin, as it would signify the first attempt to breach the top of the <\/span>re-accumulation range<\/span><\/a> since June.\u00a0<\/span><\/p>\n

Rekt goes on to argue that a successful move towards the area high above these levels would demonstrate that the previous resistance is weakening, further boosting BTC’s prospects of reaching higher levels.<\/span><\/p>\n

However, the question remains: how deep will any potential retracement be if Bitcoin faces rejection at the range high? Historically, since mid-March 2024, Bitcoin has encountered deeper <\/span>rejections<\/span><\/a>, with declines of 21% to 25% on August 5 and September 6 respectively.\u00a0<\/span><\/p>\n

Related Reading: Ethereum Price Prediction: Crypto Analyst Says Things Are \u2018About To Get Interesting\u2019<\/a><\/div>\n

Rekt <\/span>concludes <\/span><\/a>that BTC is moving deeper into a prior resistance area at $66,000, which may soon transform into support. A successful retest of this level could precede a significant reversal back to the $70,000 mark, reinforcing the bullish outlook for Bitcoin as it navigates through these critical price levels.<\/span><\/p>\n

\"Bitcoin\"
The daily chart shows BTC’s price retrace. Source: BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n

At the time of writing, BTC is trading at $67,350, registering a retracement of 2% in the 24-hour time frame.\u00a0<\/span><\/p>\n

Featured image from DALL-E, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Since July 29, the Bitcoin price has been struggling to regain the $70,000 mark, which has proven to be a formidable resistance barrier for the leading cryptocurrency. This resistance has been in place for the last two quarters of the year, after BTC hit an all-time high of $73,700 back in March this year.\u00a0 Since then, the market has experienced price corrections and periods of consolidation, but recent bullish sentiment has sparked hope for a price resurgence as the year progresses. Could $70,000 Be Within Reach? Market analyst Rekt Capital has provided insights into Bitcoin’s current trajectory, emphasizing the recent uptrend and the potential for the cryptocurrency to regain the $70,000 mark.\u00a0 Notably, Rekt pointed out that Bitcoin has broken through a downtrending channel after surpassing the $65,000 level earlier this month, effectively invalidating a series of lower highs that had been established since mid-March. Related Reading: XRP Network Activity Surges As Price Seeks To Break $0.55 Resistance This breakout signifies the end of the previous downtrend. Rekt noted that Bitcoin had repeatedly failed to break above the channel’s resistance, but the most recent weekly close has shifted market sentiment.\u00a0 In his analysis, Rekt explains that Bitcoin is currently retesting its former resistance point above $69,000, suggesting that a successful retest could confirm the breakout and pave the way for further upside momentum. Rekt further explains that the current retest of lower support floors could see Bitcoin’s price dip to around $66,300, which is the channel top. This level has previously served as a significant barrier, preventing the price from reaching higher levels.\u00a0 Rekt pointed out that last week’s performance demonstrated the importance of this area, as Bitcoin closed above the lower high, setting the stage for a possible transition to higher levels if the aforementioned support holds. Key Resistance Challenge Ahead For Bitcoin If Bitcoin successfully retests this support level, the analyst expects that the next target would be the range high at approximately $71,500. This level marks a crucial challenge for Bitcoin, as it would signify the first attempt to breach the top of the re-accumulation range since June.\u00a0 Rekt goes on to argue that a successful move towards the area high above these levels would demonstrate that the previous resistance is weakening, further boosting BTC’s prospects of reaching higher levels. However, the question remains: how deep will any potential retracement be if Bitcoin faces rejection at the range high? Historically, since mid-March 2024, Bitcoin has encountered deeper rejections, with declines of 21% to 25% on August 5 and September 6 respectively.\u00a0 Related Reading: Ethereum Price Prediction: Crypto Analyst Says Things Are \u2018About To Get Interesting\u2019 Rekt concludes that BTC is moving deeper into a prior resistance area at $66,000, which may soon transform into support. A successful retest of this level could precede a significant reversal back to the $70,000 mark, reinforcing the bullish outlook for Bitcoin as it navigates through these critical price levels. At the time of writing, BTC is trading at $67,350, registering a retracement of 2% in the 24-hour time frame.\u00a0 Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":649171,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,485,656,679,1119,1122,78790,6664,14690,1558],"class_list":["post-649170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt","tag-crypto","tag-crypto-news","tag-cryptocurrency"],"acf":[],"yoast_head":"\nMarket Analyst Charts The Bitcoin Journey To $70,000: Weekly Price Action Insights<\/title>\n<meta name=\"description\" content=\"Since July 29, the Bitcoin 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. 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