2024

Bitcoin

Reversal

Higher

The post <a href="https://coinpedia.org/price-analysis/bitcoin-bullish-sharp-reversal-from-nearly-70k-creating-higher-highs-and-higher-lows/" rel="noopener noreferrer nofollow">Bitcoin Bullish:&nbsp;Sharp Reversal From Nearly $70K, Creating Higher Highs And Higher Lows</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Bitcoin price made a sharp pullback from nearly $70,000 in early sessions of Tuesday after traders turned speculative about the US Government may sell the seized crypto assets.&nbsp;
The speculations were raised when Arkham Analytics revealed the US government’s transfer of $2 billion worth of Bitcoin to 2 new wallet addresses.&nbsp;
Amid this chaos, the BTC price reacted negatively and lost the $69K territory, currently trading at $66,443 with 24-hour growth of -3.84%.&nbsp;
<h2 class="wp-block-heading" id="h-traders-love-this-pattern-of-bitcoin">Traders love this pattern of Bitcoin&nbsp;</h2>
<a href="https://markets.coinpedia.org/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> in 2024 has been repeating this pattern where the asset is rising to key levels of strong physiological resistance and rejecting down to major support zones.&nbsp;
As seen at the beginning of 2024 mid-January, BTC reached a multi-year high of $47000 after the Bitcoin Spot ETF was released. This surge was immediately reversed and Bitcoin dumped below $40,000 in the next few days, just to start a new surge.&nbsp;
A similar move was seen in early March when the price hit a new time high at $69,000 and fell to below $60,000 in the next few hours.
Later in the same month, Bitcoin pulled back again from its all-time high of $73,500, and post months from then this level was challenged again.&nbsp;
This price action may be a concern for leveraged traders but the spot and futures traders see this as a strong technical indicator. Bitcoin has been making higher highs and higher lows, which is considered to be a Bullish pattern in the short, mid, and long term.
It is also impressive that in early July Bitcoin dipped below $54000 after the German government started selling their Bitcoins, and just 2 days to close the month, BTC is at $66K. Representing a good gain margin from its beginning in the month of $63000.&nbsp;
<h2 class="wp-block-heading" id="h-bitcoin-analysis">Bitcoin Analysis</h2>
The BTC/USDT 4hr chart shows Bitcoin price actions continue in the Widening wedge pattern, also an ascending trend line is created.
The price today was rejected at the weekly resistance of $69,648 and now trading at $66,600.&nbsp;
Notably, RSI at 42 and Awesome above the neutral level of 50 shows a reversal of bullish momentum.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcBx0NK49ulHZX0eEqTOA2dzdZCkqbHn-bs23MJVI3_uK549JcaYHHF-mETy6Olyohj5PWJr2xxK-XuQCtRwgOGW9RGpBbP-RRzpnvHl_8jmfTgHAtecM62yntk5dib4rL1fvqWj-MDooBMxDIg35Y4V-A?key=8oA-4NOS6vRsKIk37cyWsg" alt="">
</figure>
A breakout above $69000 would provide support to $70K and further push toward An all-time high. This can happen if the US political news and ETF outflow are neutralized.&nbsp;
Conversely, if Bitcoin falls below $65000, this will bring it to the 50-day EMA price and make $64,000 as a Key support.&nbsp;

Bitcoin Bullish: Sharp Reversal From Nearly $70K, Creating Higher Highs And Higher Lows

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