Bitcoin Growing Faster Than The Internet: When $72,000?

Bitcoin is steady at press time. Technically, the uptrend remains despite the drop earlier today. Looking at the daily chart, traders can considering buying the dips of the emerging trend. This preview, per the candlestick arrangement, is valid as long as prices remain above $63,000. Beyond favorable price action, the push higher is also driven by fundamental factors, including supportive regulation and political realignment in the United States.

At press time, traders are upbeat about what lies ahead. After the expansion of over the weekend, the coin is now stable in the past day but up 4% in the last week. Meanwhile, the average trading volume is picking up momentum, rising to over $28 billion.

The following trending Bitcoin news might influence price action:

• After the surge on Friday, Bitcoin short-term holders are in green. The expansion above the moving average suggests that most are upbeat and unlikely to sell, heaping pressure on price.
• The rising prices have also pushed adoption higher. As it is, Bitcoin is growing at a faster pace than the internet.

Bitcoin Price Analysis

BTC/USD is in a bullish formation at press time.

As of August 27, prices remain around the $63,000 zone and the bull flag.

Technically, traders can consider buying the dips.

As long as prices are inside the August 23 bar, every low could offer entries.

Notice that the bar is wide-ranging and backed by decent trading volume.

The immediate support is $63,000. On the upper end, resistance is at $66,000.

A break above this line will see Bitcoin easily float to over $72,000 in a buy trend continuation pattern.