2024

Bitcoin

Stash

Threshold

The leading cryptocurrency <a href="https://coingape.com/bitcoin-news-coinbase-btc-market-share-climbs-to-60-after-etf-approval/" rel="noopener noreferrer nofollow">Bitcoin</a> showcased a surge in volatility this week, witnessing supply pressure at $69000-70000 resistance. The daily chart projects two reversals from the overhead barrier indicating the sellers are actively defending the $70K psychological level. With an intraday gain of 1.34%, the Bitcoin price projects another breakout opportunity for buyers which may pave the way for a prolonged recovery trend.
Also Read: <a href="https://coingape.com/bitcoin-news-blackrock-btc-holdings-surpasses-microstrategy-amid-2-bln-net-inflows-this-week/" rel="noopener noreferrer nofollow">BlackRock’s Bitcoin Holding Surpasses MicroStrategy Amid $2 Bln Net Inflows This Week</a>
<h2 id="b-is-the-70-000-threshold-set-to-break-b">Is the $70,000 Threshold Set to Break?</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/w/wSFddwhy.png" alt="BINANCE:BTCUSD Chart " width="1946" height="937">
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 Bitcoin Price| Tradingview
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Analyzing the <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> movements on the daily chart reveals the emergence of a bullish pattern that technicians refer to as a “rounding bottom.” This pattern signifies a gradual shift from a bearish to a bullish trend, characterized by a steady and rounded rise in price that resembles the shape of a “U”.
Currently trading at $69371, the coin price teases a bullish breakout from the pattern’s neckline resistance at the $69000-$70000 range. A successful breakout above this barrier will give a better signal for Bitcoin price sustainability for new heights.
If the pattern holds true, the buyers should lead this asset to a theoretical target of $124000.
However, if the overhead supply at $70000 triggers a new correction, the coin holders may find suitable support at $63240, followed by $57500 to regain the exhausted bullish momentum. A potential pullback will still keep the bullish outlook intact as the price may develop into a cup-and-handle pattern.
Also Read: <a href="https://coingape.com/blackrocks-bitcoin-stash-reaches-12-3b-as-btc-hits-new-ath/" rel="noopener noreferrer nofollow">BlackRock’s Bitcoin Stash Reaches $12.3B as BTC Hits New ATH</a>
<h2 id="b-bitcoin-s-shrinking-exchange-supply-signals-bullish-market-sentiment-b">Bitcoin’s Shrinking Exchange Supply Signals Bullish Market Sentiment</h2>
A tweet from crypto trader Ivan Tokenomija, shared by the crypto analytics firm Santiment, highlights a significant trend in the Bitcoin market. The chart indicates a declining balance of Bitcoin on exchanges, which traditionally suggests a reduced selling pressure. A lower exchange supply often leads to the inference that investors are moving <a href="https://coingape.com/robert-kiyosaki-advocates-bitcoin-btc-as-us-debt-crosses-34t/" rel="noopener noreferrer nofollow">BTC</a> to private wallets, typically for long-term holding.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Everyday less and less <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> on exchanges!!! Supply is crashing, Bitcoin price will skyrocket!!! <a href="https://twitter.com/hashtag/santiment?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#santiment</a> <a href="https://t.co/nDf60KxI04" rel="noopener noreferrer nofollow">pic.twitter.com/nDf60KxI04</a>
 — Ivan Tokenomija (@tokenomija) <a href="https://twitter.com/tokenomija/status/1766582693091770871?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 9, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This “holding” behavior is usually perceived as a bullish sign, implying a potential price increase due to the basic economic principle of scarcity – when supply is reduced, and demand stays constant or increases, the price tends to go up.
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Pivot Levels: As Bitcoin price enters price discovery mode, the buyers may witness overhead supply at $77635 and $91400 which are aligned with the R2 and R3 of traditional pivot levels.</li>
 <li style="font-weight: 400;" aria-level="1">Average Directional Index: The ADX slope at 50% reflects an overextended rally which may need a minor pullback to regain bullish strength.</li>
</ul>
The post <a href="https://coingape.com/markets/key-levels-to-watch-if-bitcoin-price-breaks-70000-weekend/" rel="noopener noreferrer nofollow">Key Levels To Watch If Bitcoin Price Breaks $70000 This Weekend</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Key Levels To Watch If Bitcoin Price Breaks $70000 This Weekend

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