Bitcoin is on a tear, surpassing the full psychological figure of $70,000. At press time, the world’s most valuable currency is approaching $72,000, a critical resistance level that represents a June 2024 high.
Bitcoin price crosses $70,000 and descending triangle
As buyers continued, reversing losses from the second half of last week and rising to hit a three-month high, one analyst also picked out another important development. In a post on X, the technical analyst He said Not only is the price flat at press time, but the blowout over the past couple of days means the coin is trading above a falling wedge.
Technically, and based on analyst preview, the coin is within a major breakout formation. Accordingly, it suggests that the era of dampening lower lows, seen for the better part of Q3 2024, may end as buyers take control. Specifically, the series of lower highs and lower highs seen since prices rebounded from all-time highs is likely over.
As it is, buyers are thriving. According to CoinMarketCap reconnaissanceMore than 70% of voters believe the currency is heading higher. This preview is crucial, considering the importance of hype in the cryptocurrency scene.
Usually, when prices rise, traders tend to rush in so as not to miss the opportunity to the upside by opening leveraged trades on perpetual futures platforms such as Binance or Bybit. Meanwhile, more conservative people choose to buy in the spot market, knowing that although gains can be made, risks are also mitigated.
Did progress start after half?
The analyst said that for the upward trend to continue, it is important to confirm the important gains achieved over the past two days. In this case, the follow-up would see Bitcoin rise, break $72,000 and even print $74,000 in March 2024. In this case, the bulls could have more room to move forward as the “post-halving” advance begins.
Looking back at past sessions, halving events are always viewed as bullish. Prices rose in the next few months when the network halved miner rewards in 216 and 2020. Bitcoin then rose to $20,000 in 2017 and $70,000 in 2021.
After the halving on April 20, traders were looking for a continuation of this phenomenon. Nearly six months later, a rebound in prices amid rising hash rates could spark another wave of demand, pushing Bitcoin into new territory.
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