Bitcoin Approaching $74,000: Coinbase BTC Premium At 2-Year Low, What’s going on?

Bitcoin is racing higher at press time, looking at price action in the daily chart. At this pace, not only is the coin likely to ease above $74,000, but it is also set to register new all-time highs. Technically, buyers are in control, offering both sets of traders, risk on and off, and the opportunity to consider longs. Catalysts for the next growth phase lie in the speed at which institutions buy spot Bitcoin ETFs and the outcome of the upcoming elections. Although monetary policy shifts across the globe play a role, politics will be crucial in the short term.

Buyers are in the driving seat, looking at the evolution of price action over the past day and week. The world’s most valuable coin is up 2% in 24 hours, buoyed by rapidly expanding trading volume, now at over $53 billion in 24 hours. Overall, confidence is high, and buyers will likely extend gains today, breaching the liquidation zone at $74,000.

The following Bitcoin news developments are worth watching:

• A golden cross has been printed for the first time in over 12 months. Although formed by a lagging indicator, it could suggest that the uptrend is taking shape. As a result, smart traders can search for entries expecting major gains in the coming sessions.
• The Bitcoin Coinbase premium index is at a two-year low. This data could suggest that BTC demand is not as high in the United States compared to other jurisdictions where Binance is the choice ramp.

Bitcoin Price Analysis

BTC/USD is trending upward at press time.

Buyers are confident, expecting prices to breach $74,000 today or this week.

The primary support remains at $70,000.

Every low may offer buyers an opportunity to buy the dip, aiming for all-time high and better.

A close above $74,000 will especially accelerate the lift-off above the March high towards $80,000 and then $100,000.