Bitcoin: BTC Price Breaks Out – What's Next?
The recent surge in Bitcoin's price has caught the attention of many analysts and traders. According to BTC-ECHO, Bitcoin (BTC) managed to break out from a strong downtrend, driven by significant resistance levels. This upward movement was triggered by inflation data released on May 15th, which gave the market much-needed momentum.
If BTC can surpass its previous highs at $66,500, it could pave the way towards $70,000. A short-term resistance lies around $67,700; breaking through this level might drive the price further up towards open vector candles that still hold numerous short positions. Should BTC reach $70,000, it's only about 6% away from its all-time high of approximately $73,773.
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"Much Ado About Nothing" – Bitcoin (BTC) Only Becomes "Fun" Again at $70,000
Mati Greenspan from Quantum Economics believes current efforts to analyze Bitcoin’s movements are futile until it nears its record high again. As reported by Cointelegraph Deutschland, he states that "only surges make sense," dismissing current evaluations as mere noise unless we see an upswing back near or above $70K.
Currently trading at around $65,585 according to CoinMarketCap data—a rise of just over 6% would push BTC past this psychological barrier into new bullish territory potentially leading toward another all-time high.
Bitcoin Likely Overcomes Weak Phase - Price On the Rise Again
DER STANDARD reports that after experiencing a slump post-halving last month where prices struggled initially—Bitcoin seems poised for recovery with experts predicting potential climbs beyond even historical peaks seen earlier this year reaching nearly USD100K come autumn season if trends continue positively upwards crossing key thresholds like recently breaching USD65K mark signaling renewed investor confidence overall outlook remains optimistic moving forward despite prior setbacks faced along journey thus far.
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