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Bitcoin surpasses $67K and investors await potential $100K breakthrough

  • Exciting News Alert!
  • BTC’s Recent Surge Has Investors Buzzing!

Bitcoin [BTC] just pulled off a surprising double-digit price rally, sending shockwaves through the market. The optimistic atmosphere has many hoping for a return to the $70k milestone.

And guess what? The latest numbers suggest this might not be wishful thinking after all!

Could Bitcoin Make History?

Recent figures from CoinMarketCap show BTC’s price surge of over 10% in the past week, pushing it past $67k.

As of now, the cryptocurrency is trading at $67,115.81, boasting a market cap exceeding $1.32 trillion.

Recent indicators suggest that BTC is eyeing a breakthrough to surpass $100k in the upcoming weeks, as highlighted by Titan of Crypto’s recent tweet.

This isn’t a far-fetched scenario, considering Bitcoin’s historical patterns of hitting new highs in each cycle.

Furthermore, on-chain metrics are leaning favorably towards Bitcoin’s upward trajectory.

Analysis from AMBCrypto demonstrates a drop in BTC’s net deposit on exchanges, signaling reduced selling pressure.

While miners are selling less than the one-year average, current data shows increased profit-taking among investors.

In a bull market, this pattern could indicate an approaching peak.

Source: CryptoQuant

What’s Next for Bitcoin?

Aside from the bulls, there are cautionary signals in the market. Data analysis by AMBCrypto on Glassnode’s stats reveals a concerning accumulation trend score for BTC standing at 0.0107.

This score reflects the level of active accumulation of BTC on-chain by entities based on their holdings.

A score closer to 0 suggests a lack of accumulation, signaling a potential distribution phase among investors.

Source: Glassnode

Furthermore, Bitcoin’s fear and greed index currently sits at 72, indicating a phase of “greed” in the market that often leads to corrections in price levels.

So, what’s the short-term outlook for BTC? Current data indicates BTC testing resistance at $67.3k and maintaining a position above its 20-day EMA.


Interested in Bitcoin’s [BTC] Price Prediction 2024-25? Check it out! 


Moreover, a positive movement in Relative Strength Index (RSI) implies a potential shift from resistance to support, signaling bullish trends in the near future.

On the flip side, Chaikin Money Flow (CMF) pointing downwards hints at an impending price correction.

Source: TradingView

Next: dogwifhat [WIF] sees $1M in long liquidations as price tumbles: What now?

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