Markets
When Will Bitcoin (BTC) Price Break Out of the Range?
Bitcoin it is stuck in a range between $67,000 and $70,000 without major fluctuations. As markets head into the weekend, traders are expecting a major turnaround. However, crypto markets continue to experience less volatility after closing the month lower. This suggests that uncertainty about the markets continues to prevail, which could have a greater impact in the coming days.
It has been more than a year since Bitcoin volume fell heavily by more than 80% and failed to recover its levels. This suggests that market participants accumulated the tokens shortly before the recovery phase began. As a result, they may be expecting the price to reach new highs, likely close to $100,000. This may be the reason why BTC Price has been defending its support as traders are extremely bullish on Bitcoin.
The graph above, shared by All, displays the optimistic sentiments of traders. More than 37,000 BTC were withdrawn from cryptocurrency exchanges in the last 72 hours. This could be the reason why BTC price did not face an extreme pullback as previously predicted. On the other hand, ETF spot volume is also increasing significantly as they purchased 857,700 BTC worth $58.60 in just 5 months. Consequently, all fractals point to a bullish outlook for the token, which could also heavily impact other altcoins.
Bitcoin closed another monthly candle above support, which ceased to be resistance before the price broke out of the range. The price has been moving sideways in recent months, above the ATH. Therefore, if the price reciprocates its previous sideways movement before a major move, then an increase above 150% in the current range can be expected, which could take levels not only above $100K but also above of US$ 150 thousand.
Also check out: Bitcoin, Ethereum and XRP Price Forecast: Will the Market Rebound Towards a New High in June?