Bitcoin Up 20% in 3 Weeks: Will BTC Bulls Break $70,000?

Bitcoin edged higher by the end of last week before flat-lining over the weekend and dropping earlier today. Even though prices are down, the breakout above $66,000 was massive for the coin. Technically, the upside momentum remains and traders may find entries on dips. If anything, as long as prices are also within last week’s range, assuming there is a correction towards the $60,000 zone, buyers will still have the upper hand. The first target would be $70,000 and the all-important resistance at $72,000 in the coming days.

Traders are confident, expecting prices to tear even higher in the coming sessions. As things stand, Bitcoin is up nearly 20%, rising from September lows. After the sideways chop of the weekend and the drop on the last day, the coin is flat on the last day and week. Meanwhile, the average trading volume is relatively low, at $21 billion.

The following Bitcoin trending news events are worth watching:

• Despite the Bitcoin mining and trading ban, Chinese pools still control over 55% of the hash rate. Even so, since 2021, American pools have been gnawing market share and asserting their dominance.
• With prices rising, community sentiment is increasingly bullish on the world’s most valuable coin. Over 60% of voters, according to CoinMarketCap, are bullish, expecting prices to rise.

Bitcoin Price Analysis

BTC/USD is firm at spot rates.

Although there is a cool-off and prices are down, every low might offer entries for aggressive traders.

The immediate support lies at $63,000, or September 26 lows.

On the flip side, the first target would be the psychological resistance at $70,000.

If bulls press on, building on gains of September 26, Bitcoin may fly to $72,000 and even all-time highs of nearly $74,000.