Bitcoin Explodes: 70% of BTC Traders Bullish, Up Next $74,000?

Bitcoin is in an uptrend following the extension of the leg up over the weekend. Technically, buyers are still in control, and as long as the support is around $66,000, it is increasingly high that BTC will crack $70,000. Today, traders will be watching whether buyers will continue pushing up, confirming the gains of last week. Preferably, the uptrend can see the coin crack the round number and float above July highs. If not, prices might consolidate, perhaps even contracting. All the same, the immediate support must be held, confirming buyers from mid-October.

Traders are optimistic about what lies ahead. Fundamental factors will shape how fast prices react in the coming sessions. Before then, the region between $66,000 and $70,000 remains crucial. In the past day and week, the coin has been flat, and the average trading volume has also been lower, shrinking to around $16 billion.

The following Bitcoin news events are trending:

• Despite the consolidation, prices are firm, explaining why most holders are bullish. According to a CMC poll, over 70% of all traders expect prices to float higher.
• Despite the recent leg up, analysts predict ETH will outperform the world’s most valuable coin. Over the past few months, BTC has been stretching gains versus ETH despite the approval of spot Ethereum ETFs in July.

Bitcoin Price Analysis

ETH/USD is rising at press time and changing hands above $69,000.

The local support is $66,000, while resistance is at $70,000.

Since prices are still inside last week’s range, every low above $66,000 could offer entries for optimistic buyers.

If prices expand rapidly, any leg up above $70,000 will form the basis for the next rally to all-time highs at $74,000.

Conversely, unexpected losses below $66,000 will slow the rally, deflating optimism.