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Bitcoin (BTC) Planning to Breach $70k: Buy Now?
Bitcoin is presenting a good buying opportunity for a potential gain of more than 10% in the short-term.
In this article, we will look at BTC price target along with weekly analysis and news roundup.
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Bitcoin Price Analysis- Current Price: $62,058
- Market Cap: $1.21 trillion
- 24h Trading Volume: $16.48 billion
- Circulating Supply: 19.5 million BTC
- Max Supply: 21 million BTC
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Trends are mixed but improving. It’s broken above $60K resistance and out of Symmetrical Triangle pattern and could revisit $72K. It’s now retesting that breakout level. Stop Loss at $57K.
Buy Now Weekly Price Analysis- Price 7 Days Ago: $65,650
- 7-Day Price Change: -5.50%
- Week’s Opening Price: $63,200
- Trend: Short-term trend is Neutral, Medium-term trend is Up, Long-term trend is Strong Down.
- Momentum is Bearish. Price is neither overbought nor oversold currently.
- Support and Resistance: Nearest Support Zone is $56,500.00, then $50,000.00. Nearest Resistance Zone is $72,000.00.
- RSI: 45 (neutral, but leaning slightly toward oversold territory)
- MACD: Bearish crossover confirmed, indicating selling momentum
- Bollinger Bands: Price is approaching the lower band, signaling potential volatility and a possible reversal if buying pressure picks up.
- Institutional interest remains high, as firms like Bitwise plan new ETFs to include Bitcoin.
- Geopolitical tensions, including conflicts between Israel and Iran, are impacting global markets, adding pressure on risk assets like Bitcoin.
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