Bitcoin Bears Gone Silent as BTC Price Advances to $70,000-Here’s What May Trigger a Fresh Bull Run to $80,000 Soon
The post Bitcoin Bears Gone Silent as BTC Price Advances to $70,000-Here’s What May Trigger a Fresh Bull Run to $80,000 Soon appeared first on Coinpedia Fintech News
The markets are consolidating as the Bitcoin price failed to sustain above $68,500. Although selling pressure is slightly higher, the bulls are strong enough to defend the lower support. Hence, the BTC bulls are expected to trigger a strong rebound after a minor correction, which may clear the interim resistance at $70,000 initially. However, the bulls are aiming to achieve a new ATH above $75,000, probably in the first few days of August.
The markets are expected to remain volatile throughout the week as important events are scheduled that may highly impact the BTC price rally.
- The spot Ethereum ETFs are expected to go live on Tuesday, which is a landmark moment for the second-largest token, driving significant market interest.
- Q2 GDP data, the crucial economic indicator, is expected to be out on Thursday
- PCE data, a key measure of inflation closely watched by the FED, is set to be released on Friday.
- The world’s largest Bitcoin conference is set to begin on July 25 in Nashville and Former President, Donald Trump is expected to speak at the conference
Apart from this, 20% of the S&P 500 companies have reported earnings, which is expected to influence broader market trends. Besides, Mt. Gox has reportedly distributed 60% of BTCs, which is expected to affect Bitcoin’s supply and price dynamics.
What to Expect From the BTC Price Rally This Week?
Bitcoin has soared by over 15% throughout the past week and has been facing significant selling pressure since the early trading hours. Despite the bearish activity, the price is holding some pivotal zones, due to which the hopes for a healthy ascending trend remain pretty high. If the bulls manage to hold at these levels, then the Bitcoin price may trigger a steep upswing and form a new ATH above $75,000 soon.
The BTC price is constantly forming lower highs and lows but the current trade set-up suggests the bulls may break the bearish scenario. The price is again heading to test the upper resistance of the channel and if it surpasses these levels, a fresh upswing may elevate the levels to the resistance zone between $72,529 and $73,305. This could be the final barrier for the Bitcoin price rally before marking a new ATH above $75,000.
However, the on-balance volume, OBV, is bullish, and the price was heading for a ‘death cross’ which appears to have differed. Therefore, the BTC price continues to remain under bullish influence and could maintain an ascending trend throughout the week ahead.
