Hot News

Bitcoin Price Analysis: This is The Next Target if BTC Breaks $67K ATH

Bitcoin is up 7.6% in the past seven days, but it charted 6% gains in the past 24 hours alone in a very formidable push. However, it’s worth noting that we need to see a daily close above $64.8K, as well as a potential confirmation on the weekly chart to have more confidence in the current rally.

Bitcoin Price Analysis: This is The Next Target if BTC Breaks $67K ATH

Chart by TradingView

The Technicals

Bitcoin is currently pushing above the important resistance level at $64.8K on the intraday, and it’s looking to complete the cup and handle pattern that we have been tracking for the past couple of weeks.

The BTC price managed to set a few 4-hour closes above $64.8K, which is definitely a positive signal, but we do need to see the daily close above it so that the level can be turned into support. An even stronger buy signal would flash if the cryptocurrency manages to paint a weekly close above this level.

If bitcoin is successful in doing so, the next targets to consider after breaking the ATH above $67K would be $70.1K, $74K, $74.7K, and $80.5K.

Read more:  Bitcoin Price to Reach $318K by December 2021 as the New Gold, Citibank Director Says

The On-Chain

First things first, we can see that there’s a slight distribution from the 2-to-3-year and 3-to-5-year cohort, but there are definitely no major signs of aggressive distribution, which is positive.

It’s bullish because it indicates that most of the older cohorts are not interested in selling at these levels just yet.

Miners did sell a small amount during the recent move above $64.8K, but the aggregate miner reserves remain at 1.858M BTC, with no major signs of aggressive selling.


Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Read more:  Verifone Partnered with BitPay to Provide In-Store Crypto Payments

Tags: Bitcoin (BTC) Price

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button