Bitcoin has been hovering around the same price mark in recent week. The crypto is trying to make a sharp upmove following the bitcoin halving event.
In this article, we will discuss BTC Price analysis, weekly analysis along with the news roundup.
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BTC Price Analysis
Bitcoin is trading at $68,733.02, with a 24-hour trading volume of around $14.72 billion. The crypto is trying to break above the resistance level.
Let’s have a look at the chart:
This could be the next expected move.
Weekly Price Analysis
Over the past week, Bitcoin has shown a degree of volatility, with prices oscillating between $67,771.02 and $70,009.98. Despite this, the overall trend appears to be positive, with Bitcoin maintaining its value above the $68k mark.
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Bitcoin is consolidating below its all-time highs, facing resistance at attempts to break above $70,000. Key support levels are identified at $67,000 and $60,000, with resistance points at $67,500 and $73,777.
News Roundup
Bitcoin ETFs, led by Grayscale and BlackRock, have amassed over 1 million BTC, nearing 5% of the total Bitcoin supply.
Conclusion
Bitcoin’s current market position is a blend of cautious optimism and watchful waiting as regulatory decisions loom. The price stability above $68k and the significant holdings in ETFs suggest a maturing market. Investors are advised to monitor these developments closely, as they could significantly influence Bitcoin’s price in the near term.
Analysts are optimistic about Bitcoin’s price trajectory, with some predicting it could reclaim the $70,000 mark and rally towards $80,000 this week. However, the market awaits President Biden’s decision on SEC crypto regulations, which has caused a cautious response with a minor drop to $68,400.
Always conduct your own research before making investment decisions.
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