Bitcoin Surges Above $70,000 Approaching Key Resistance Level
Bitcoin has surpassed the $70,000 mark, currently nearing $72,000, a significant resistance level reminiscent of June 2024 highs.
Bitcoin Breaks Above $70,000 And Descending Triangle
Buyers have reversed losses from the previous week, reaching a three-month high. Technical analyst Peter Brandt noted that Bitcoin is now trading above a descending wedge, indicating a potential breakout formation. This shift suggests an end to the series of lower lows observed in Q3 2024, as buyers regain control.
Current sentiment among traders is optimistic, with over 70% of respondents in a CoinMarketCap poll believing prices will rise further. Increased trading activity often accompanies price increases, with some traders leveraging positions on platforms like Binance or Bybit, while others prefer conservative spot market purchases.
Is The Post-Halving Advance On?
Analysts emphasize the need for confirmation of recent gains for the uptrend to persist. A successful breach of $72,000 and $74,000 could signal the beginning of a "post-Halving" rally.
Historically, Halving events have led to bullish trends, with notable price increases following the 2016 and 2020 halvings. Following the April 20 Halving, traders anticipate a similar pattern, driven by rising hash rates and increasing demand.