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 turning point. However, cryptocurrency markets continue to show less volatility after closing the month on a bearish note. This suggests that uncertainty continues to prevail in the markets, which could have a greater impact in the coming days.
It’s been more than a year since Bitcoin volume plummeted by more than 80% and has failed to regain its levels. This suggests that market participants accumulated the tokens shortly before the recovery phase began. As a result, they may be waiting for the price to push towards new highs, likely near $100,000. This could be why the BTC price defended his support, as traders are extremely bullish on Bitcoin.
The graphic above, shared by Wings, shows the bullish sentiments of traders. Over 37,000 BTC have been withdrawn from cryptocurrency exchanges in the last 72 hours. This could be the reason why BTC price did not undergo an extreme pullback as previously expected. On the other hand, the volume of spot ETFs is also increasing significantly, as they purchased 857,700 BTC worth $58.60 in just 5 months. Therefore, all fractals point towards a bullish outlook for the token, which could have a strong impact on other altcoins as well.
Bitcoin closed another monthly candle above support, which transformed from resistance before the price broke out of the range. In recent months the price has fluctuated sideways, above the ATH. Therefore, if the price reverses its previous sideways movement before a big move, then one could expect a rise of more than 150% on the current range, which could lift levels not only above $100,000 but also above $150,000 .
Also check: Bitcoin, Ethereum and XRP Price Prediction: Will the Market Move to a New High in June?