Bitcoin Price Surges 6% Amid Bullish Analyst Predictions
Bitcoin (BTC) Update
- BTC rebounded sharply after a volatile start, reaching a daily high of $83,541 and currently trading at $81,671.81, up 6% in 24 hours.
- A 28.90% increase in trading volume suggests a retest of the critical resistance level at $82,630.
Mayer Multiple Analysis
- Analyst Ali Martinez indicates BTC could find support around $69,500 and a breakout above $86,900 may signal a market top near $208,550.
- BTC is nearing a historically significant breakout threshold, often preceding parabolic moves.
Price Analysis
- BTC trades near the upper band of the Bollinger Bands, with potential resistance near $89,200.
- The Relative Strength Index (RSI) is at 46.72, indicating neutral momentum but suggesting a possible bullish reversal if it crosses above 50.
ETF Outflows and Predictions
- US-listed spot Bitcoin ETFs experienced $127.2 million in net outflows, totaling $722 million over five days.
- Bitwise CIO Matt Hougan maintains a year-end price target of $200,000 for BTC, citing potential benefits from a weaker US dollar.