Bitcoin Is Flat, Venture Firm Backs BTC to Shine
Bitcoin prices are flat at press time. Even though bulls pushed higher in the first half of the weekend, there should be a comprehensive follow-through. A close above the current consolidation might be the base for the next leg up above $73,800 in the coming sessions.
At press time, BTC is firm at around $70,000, up 13% in the past trading week. Looking at price action in the past trading day, there hasn’t been any substantial price movements. As a result, this formation suggests possible accumulation or distribution depending on breakout direction. So far, trading volume remains low, dropping by 16% to over $35 billion in the past 24 hours.
The following Bitcoin news could influence prices in the coming few trading sessions:
- QCP Capital is bullish about Bitcoin, saying the asset can be used to diversify portfolios. So far, the coin, despite the consolidation, maintains a strong upside momentum in their analysis. Additionally, there continues to be high demand for spot BTC ETFs.
- KuCoin has been charged by a United States court of breaching the Bank Secrecy Act and not implementing satisfactory anti-money laundering measures. Following this, on-chain data from Nansen reveals that over $200 million of assets were moved from the exchange.
Bitcoin Price Analysis
BTC/USD is within a bullish breakout formation when writing but flat.
Even though buyers are confident, prices need to clear immediate resistance levels for trend continuation.
For now, the March 26 low is a critical support level.
Conversely, a break above $71,700 might ignite demand, lifting the coin towards all-time highs.
If sellers flow back, pushing prices below $67,000, Bitcoin might slip to March lows of around $60,000.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals