Bitcoin (BTC) Planning to Breach $70k: Buy Now?

Bitcoin is presenting a good buying opportunity for a potential gain of more than 10% in the short-term.

In this article, we will look at BTC price target along with weekly analysis and news roundup.

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Bitcoin Price Analysis

• Current Price: $62,058
• Market Cap: $1.21 trillion
• 24h Trading Volume: $16.48 billion
• Circulating Supply: 19.5 million BTC
• Max Supply: 21 million BTC

Trends are mixed but improving. It’s broken above $60K resistance and out of Symmetrical Triangle pattern and could revisit $72K. It’s now retesting that breakout level. Stop Loss at $57K.

Weekly Price Analysis

• Price 7 Days Ago: $65,650
• 7-Day Price Change: -5.50%
• Week’s Opening Price: $63,200
• Trend: Short-term trend is Neutral, Medium-term trend is Up, Long-term trend is Strong Down.
• Momentum is Bearish. Price is neither overbought nor oversold currently.
• Support and Resistance: Nearest Support Zone is $56,500.00, then $50,000.00. Nearest Resistance Zone is $72,000.00.

Technical Indicators

• RSI: 45 (neutral, but leaning slightly toward oversold territory)
• MACD: Bearish crossover confirmed, indicating selling momentum
• Bollinger Bands: Price is approaching the lower band, signaling potential volatility and a possible reversal if buying pressure picks up.

Key Bitcoin News

• Institutional interest remains high, as firms like Bitwise plan new ETFs to include Bitcoin.
• Geopolitical tensions, including conflicts between Israel and Iran, are impacting global markets, adding pressure on risk assets like Bitcoin.

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