Just-In: Bitcoin Price Breakout Bullish Pattern For $74000
Highlights
- Bitcoin price has soared more than 2% today, sparking optimism in the market.
- Technical analysis predicts that BTC could soar past $74,000, but there's a catch.
- On-chain data indicates increasing trading activity for the flagship crypto.
Bitcoin has surged over 2% today, capturing market interest and increasing trading activity. Notably, the flagship cryptocurrency continues to gain traction, especially following the approval of Bitcoin ETFs and Bitcoin halving.
Meanwhile, recent analysis and on-chain activity suggest a potential breakout that could see Bitcoin’s price reaching over $74,000.
Analyst Offers Bullish Outlook
Prominent crypto market analyst Ali Martinez has highlighted a bullish pattern for Bitcoin. In a recent post on X, Martinez noted, “Bitcoin appears to be breaking out from a symmetrical triangle!”
Besides, he also said that if BTC managed to close above the $69,330 resistance level, it could trigger a Bitcoin price rally to $74,400. This analysis points to a significant potential for upward movement if Bitcoin can maintain its momentum and break through the crucial resistance level.
Besides, supporting this bullish outlook, a report from the on-chain data tracking platform, IntoTheBlock, has sparked further optimism. According to the report, Bitcoin is maintaining a steady momentum at $69,000 amid soaring demand from investors.
The report showed that the range between $66,900 and $68,900 indicates a “significant demand zone” for the flagship crypto. More than 2 million addresses have bagged around 1.1 million Bitcoin at this range. Notably, this accumulation indicates strong support and a solid foundation for potential price increases.
Also Read: 4 Top Altcoins Set For 100X Gains In June 2024
Bitcoin Price Soars
The combination of technical analysis and on-chain data suggests that Bitcoin is poised for a significant move. If the price can sustain above the key resistance level of $69,330, it could pave the way for a rally to $74,000 and beyond. Investors are closely monitoring these levels as they represent critical points that could determine Bitcoin’s next direction.
In addition, the current market sentiment is increasingly positive, driven by key events and developments. The approval of U.S. Spot Bitcoin ETFs has opened new avenues for institutional investment, bringing additional liquidity and legitimacy to the market.
As of writing, Bitcoin price was up 2.04% and traded at $69,056.03, after touching a 24-hour high of $69,313.26. Notably, the trading volume of the flagship crypto skyrocketed 119.15% to $24.29 billion in the last 24 hours, reflecting the increasing focus of the traders towards BTC.
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