Bitcoin Price Near All-time High; Will It Overcome $80K Mark Soon?

• Trading volume has surged by 135% in the past 24 hours.
• The BTC price is up by 15.40% in less than a week, indicating the buyers’ interest.

Bitcoin price has recovered from the correction phase with strong bullish momentum. The price has jumped by more than 15% in a week, and the trading volume has also increased. 

Since 2023, the Bitcoin price has performed extraordinarily and currently reattempted all-time highs and gained around 325% so far. Since March, the BTC price has undergone a correction phase and triggered a breakout a week ago. 

At press time, the Bitcoin price traded at $70,471 with an intraday gain of 0.38%. The circulating supply is 19.7M BTC, 93.82% of its maximum supply. The market capitalization is $1.40 Trillion, and the trading volume is $51.99 Billion.

Buyers Looking For a New All-time High?

According to the technical chart, the Bitcoin price has formed a falling wedge pattern after solid buying momentum. Recently, it has triggered a breakout from the wedge pattern with the rise in trading volume.

If the buyers show interest and the price manages to sustain the $70K hurdle, the price may record a new all-time. Suppose the trading volume supports this buying momentum; buyers may lead the trend for the long term.

On the other hand, if the Bitcoin price gets interrupted by the $71K hurdle, which is a major resistance level, it may show bearishness. Suppose the digital asset price starts trading below the 20-day exponential moving average; selling momentum for the long term can be expected.

According to the technical indicators, the RSI is 65, and heading for the overbought zone showcases the bullish momentum. The MACD has generated green histograms, and the signal line and MACD line have risen above the zero line.

Price vs Exchange Inflow Analysis

According to the data, the inflow in Bitcoin has decreased for the last few months, and the price has increased. Suppose the inflow keeps increasing; the BTC price may remain bullish for the long term.

Conclusion

The Bitcoin market is showing strong bullish momentum, with the price nearing its all-time high and trading volume surging. The technical indicators suggest that the buyers are currently in control, and if the price manages to sustain above the $70K level, we may see a new all-time high. However, it’s important to keep an eye on the resistance levels and the trading volume to assess the long-term trend. The decrease in Bitcoin inflow coupled with the price increase indicates potential bullishness for the long term.

Technical Levels

Bitcoin price is expected to face resistance from the $71K and $73.50K in upcoming trading sessions. The BTC crypto price may take support at the $67K and $61K marks.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.