Bitcoin Price to Hit $70,000 After $4.8B liquidations

Highlights

Bitcoin price bullish outlook could lock in gains to $70,000 before September.
Liquidations hit $4.8 billion in August as uncertainty shrouds global markets including crypto.
Large holders (whales) up their appetite for Bitcoin suggesting a bullish future in the offing.

Bitcoin (BTC) price bullish outlook on Thursday ignored extensive uncertainty among investors, which continues despite the Federal Reserve committing to the first rate cut of the year in September. Higher support will encourage more traders to consider taking long positions in BTC, targeting a significant rally over the weekend.

Bitcoin Price Reverses Trend, Aiming For $70,000

Bitcoin price confirmed the support capacity at $58,000 to absorb the selling pressure and prevent losses from extending to $55,000. Traders and whales jumped on the earliest opportunity to buy the dip, boosting BTC price trend reversal above $60,000.

The largest cryptocurrency hovered at $60,980, gearing up for the next leg to $64,000. Unfortunately, as the rollercoaster continues with unexpected movements, liquidations rise. Liquidations in August alone reached a staggering $4.8 billion mark and could keep growing, making it harder to trade Bitcoin.

$4,815,000,000 in total liquidations this month.

highest since 2021. we are so back. pic.twitter.com/8JnQJ1ZWRX

— croissant (@CroissantEth) August 28, 2024

According to Santiment data, investors with between 1,000 and 10,000 BTC in their wallets now hold 20.23% of the circulating supply, approximately 4.8 million BTC. Rising whale accumulation suggests a bullish sentiment for Bitcoin price. When large holders (whales) accumulate, it signals their belief in a potential price increase. This accumulation creates upward pressure on the price as whales buy more coins.

A slump in BTC supply on exchanges to 1.92 million, as reported by Santiment, is a crucial bullish indicator for Bitcoin price, especially now that global markets are facing a liquidity crunch. This suggests that investors hold their BTC in self-custody rather than sell, indicating confidence in the coin’s future value. Reduced supply can lead to increased demand, historically pushing prices higher.

BTC Price Analysis: Bulls Stage A Comeback

Technically, Bitcoin must hold $60,000 to dispel all fears of further correction and encourage more traders to buy in anticipation of the run to $62,000. Above the support, traders will focus on the 200-day Exponential Moving Average (EMA) and the 50-day EMA confluence resistance at $61,193. The subsequent break above $64,000 will increase the chances of Bitcoin price climbing to retest $66,000 before September. The Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) flaunt buy signals in short-term ranges like the four-hour chart.

Conversely, the BTC price forecast calls on traders to be vigilant and prepare for dollar-cost average (DCA) in dips below $60,000. Support at $58,000 will be in handy again in stopping further BTC decline but it is too early to rule out an extended correction to $55,000.

Frequently Asked Questions (FAQs)

1. Why did liquidations reach $4.8 billion in August.

Traders were forced out of their positions amid rollercoaster price movements first below $50,000 and recently above $65,000.

2. Should I buy Bitcoin now?

Investors can buy BTC amid the pullback below $62,000, but they must understand the risks in holding and trading cryptocurrencies.

3. Will Bitcoin reach $70,000 this week?

Bitcoin may or may not reach $70,000 depending on various factors like market sentiment, economic news, and technical indicators.

TAGS
Bitcoin (BTC) Price

Trending
Price Analysis

Best Crypto Presales To Invest In September 2025 – Top Upcoming Presale Tokens

Best Crypto AI Trading Bots In 2025

Top Meme Coins To Buy In September 2025

John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.