With Bitcoin (BTC) rallying above $60,000, the market has shown solid momentum despite several supply pressures. Much of the market interest is now focused on the potential for a new all-time high.
As Bitcoin seeks to reclaim the $70,000 resistance level, Rlindarenowned crypto analyst and professional trader, pointed out technical patterns and fundamental factors that could influence the trajectory of the BTC price.
Technical analysis
RlindaThe analysis identifies the bull flag pattern as a key indicator of potential upward movement of BTC. Observed on both daily and weekly charts, this pattern is characterized by a sharp upward movement followed by a consolidation phase.
A breakout from this consolidation is expected to continue the previous uptrend, targeting a potential price target of up to $90,000 from current levels around $67,000.
Support and resistance levels are crucial in this analysis. Key support levels at $59,300 and $63,800 have shown strong buying interest and stability. On the other hand, critical resistance levels are identified at $67,250 and $71,754.
Breaking these resistance points is necessary to propel BTC towards higher targets such as $80,000 and $90,000. The all-time high (ATH) at $73,794 is a key level, a successful retest and breakout of which could trigger further bullish momentum.
Rlinda It also highlights the formation of a cup and handle pattern, which is currently close to completion. This classic bullish pattern suggests a continuation of the uptrend.
A breakout from the handle could lift BTC between $85,000 and $90,000. Volume analysis supports this bullish outlook, with significant accumulation seen during periods of consolidation, indicating that investors are in a strong position for the next upside move.
High trading volumes at key support levels reinforce expectations that these levels will hold during any potential pullbacks.
Fundamental factors
According to the analysis, the current fear in the market is seen as a bullish signal, often indicating potential capitulation followed by strong accumulation.
Additionally, several external factors are expected to have a positive impact on the market. The expected launch of the Ethereum ETF on July 23 is expected to serve as a positive catalyst for the cryptocurrency market, including BTC.
Moreover, political developments are favorable: senior US politicians are reconsidering their stance on Bitcoin, and the US Securities and Exchange Commission (SEC) is changing its stance on cryptocurrencies.
Former President Trump’s recent support for cryptocurrencies may also help strengthen market sentiment.
Bitcoin Price Analysis
At the time of publication, BTC is trading at $67,343, up 1% on the daily chart.
A combination of technical and fundamental analysis shows that Bitcoin is poised for significant gains, with potential price targets in the range of $66,000 to $90,000.
Investors and traders should closely monitor critical resistance levels and accumulation patterns to gauge the strength of the upcoming breakout.
Denial of responsibility: The content of this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
