Bitcoin Bulls Overcome Mt. Gox Sellers: Up Next $72,000?

Bitcoin is balanced at spot rates, but the uptrend remains. As of writing, BTC is trending above the all-important $62,500 support level and way above the $60,000 line. Even though buyers are in control, there could be more gains if there is a spirited tussle, lifting the coin above $66,000. Analysts are confident that a breakout could be the base for further gains, possibly to all-time highs in a buy trend continuation formation.

As it is, Bitcoin is steady, adding roughly 1% in the last day though it is up 12% in the previous week. Meanwhile, the lack of activity means trading volume is lower, shrinking to $30 billion. Technically, buyers have a chance. However, as mentioned earlier, what’s needed is a conclusive close above key liquidation levels. In that event, a wave of liquidation and trader excitement would push engagement higher.

The following Bitcoin news stories are trending today:

• Amid surging Bitcoin prices, traders show that open interest, a metric that gauges the number of open leveraged short or long positions, shot by at least 13%. The higher it is, the more interest there is from traders, especially considering the recent lift-off from June pits.
• As Mt. Gox distributes BTC to victims, some analysts are confident, expecting holders to benefit. In their preview, only “paper hands” will suffer as they try to tap into price volatility by opening leveraged positions on perpetual crypto trading platforms.

Bitcoin Price Analysis

The path of least resistance is northwards.

BTC/USD is also in the green, adding 12% in the previous week.

As prices retest $66,000, aggressive traders can consider loading the dips. This preview holds as long as prices are above $62,500.

Meanwhile, conservative traders can wait for a clean break above $66,000. If the breakout is with rising volume, the probability of BTC rallying to over $72,000 will be high.