Bitcoin Price Analysis: Why BTC Rise to $67k Hints End of Correction Trend
Highlights
- A bullish breakout from the falling wedge pattern signals the continuation of the prevailing recovery
- A Bullish crossover between the 20 and 50 days EMAs would accelerate the current recovery momentum.
- The intraday trading volume in Bitcoin is $28.7 Billion, indicating a 20.65% loss.
Bitcoin Price Analysis: This week has been notably bullish for the pioneer cryptocurrency Bitcoin showcasing a 10% growth as price jumped from $60474 to $66500. The rising BTC breach backed by a significant surge in volume gives a bullish breakout from a key resistance signaling the end of a 2-month correction trend. This upswing also triggered a renewed recovery sentiment in the altcoins market. 4
Also Read: Bitcoin (BTC), Crypto Stocks Reacts To SEC’s Repealed SAB-121 Rule
BTC Targets $73,800 as Whale Holdings Remain High
The last correction trend in Bitcoin price recently reverted from 50% Fibonacci retracement level at $56500. In theory, a pullback to this degree is considered beneficial for the asset to regain bullish momentum.
This renewed recovery pushed the BTC from $56000 to $66530 to record 18.7% and also developed a higher low indicating the traders are interested in buying dips. An analysis of the daily time frame chart shows the rally gave a decisive breakout in the channel pattern that carried this six-week correction.
In a recent tweet, crypto analytics firm Santiment highlighted a significant trend in Bitcoin whale activity. According to their data, wallets holding 100 or more Bitcoin (BTC) continue to maintain a substantial amount of the cryptocurrency, totaling 11.79 million BTC.
Despite this, the activity of these whale wallets has plummeted to its lowest point in 2024. As of now, there are 15,907 wallets holding at least 100 BTC. This decrease in whale transactions suggests a period of reduced movement among major holders.
Santiment points out that an increase in whale activity could signal a bullish trend for Bitcoin.
If the BTC price shows sustainability above the breached trendline, the buyers could drive a rally to $73800.
Technical Indicator
- Exponential Moving Average: The rising 100-and-200-day EMA assures the broader trend remains bullish for Bitcoin.
- Average Directional Index: The daily ADX slope uptick at 20% indicates the prior correction managed to stabilize the uptrend for higher growth.
- Pi Network Update: Team Launches Faster KYC Solution Amid Rising Complaints On Token Claim Delays
- Glassnode Data Shows Bitcoin May Drop To $105.5K This Week, Here’s Why
- Co-Founder Predicts $1,000 SOL Price as Solana Treasuries Skyrocket to $4B
- REX-Osprey XRP ETF Debuts With Record $37.7M Volume as Analyst Projects Bullish Run
- MetaMask Token to Launch Sooner After mUSD Stablecoin: Consensys CEO Joe Lubin
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
- HBAR Price Prediction as SEC Approves Generic ETF Framework – Analyst Targets $1.80
- Toshi Coin Gains 57% in One Day: What’s Driving the Sudden Upside?
- Shiba Inu Price Set to Soar as Exchange Reserves Dive Amid SHIB ETF Chatter
- Pepe Coin Price Prediction as Whale Moves $25M From Robinhood- Is a Breakout to $0.00002 Next?
- XRP Price Prediction as Market Longs Hit 78% amid VivoPower Treasury Expansion Launch — Is $4 Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
