Bitcoin Soars 6% As Buyers Step In, 1.54 Million Addresses Bought At $64,000: Will Bulls Take Charge?

Bitcoin erupted higher yesterday, flying above $60,000 and reversing recent losses in a major boost for traders. Looking at the candlestick arrangement in the daily chart, the path of least resistance remains to be northwards. Considering the recent turn of events, traders can look at loading the dips, targeting $66,000 or higher in the coming days. For now, bulls are confident and are in the driving seat, assuming there are no shocks, pushing the coin lower and unwinding gains of September 17.

After the explosion of yesterday, Bitcoin is in green. To put in the numbers, the coin is up nearly 6% in the last week. The sharp explosion of prices on September 17 means the uptrend remains. Moreover, the leg up is with rising trading volume, reaching $39 billion on the last day.

Traders are closely monitoring the following Bitcoin trending news:

• Bitcoin is dominant, as its market share now comprises over 56% versus altcoins. This dominance means more investors are confident of the coin’s prospects and continue to channel more capital.
• The surge of the last day means the coin is firmly on the uptrend. However, on-chain data shows that the next major resistance is at $64,000. At this level, over 1.54 million addresses bought BTC. Since prices are still lower, it means they are at a loss.

Bitcoin Price Analysis

BTC/USD is firmly on an uptrend, looking at the formation in the daily chart.

Buyers have the upper hand as long as prices remain above $60,000 and, ideally, the lower limit of the support zone at $58,000.

In a buy trend continuation of September 13 gains, traders may consider loading the dips above $58,000, targeting $66,000 in the short term.

However, any expansion above this local resistance would see Bitcoin fly to $70,000 and $72,000.