Bitcoin (BTC) Resumes March To $70,000

Bitcoin (BTC) saw a slight pullback last week, dropping the price to a low of $65,117. However, it registered a strong recovery and, besides facing significant volatility on Saturday, resumed its push towards the psychologically crucial $70,000 mark.

Bitcoin (BTC) price saw a slight pullback last week, dropping to a low of $65,117 on Wednesday. However, it made a strong recovery and, besides facing significant volatility on Saturday, resumed its push towards the psychologically crucial $70,000 mark.

BTC’s rally could be the result of several developments over the weekend, notable being former president Donald Trump’s supportive remarks for the asset during the 2024 Bitcoin conference. Trump also proposed allocating a portion of BTC currently held by the US Department of Justice to the country’s strategic reserves. Speculations are also rife about potential US rate cuts, which have given a further boost to the BTC market.

Bitcoin (BTC) Resumes March To $70,000

After a pullback the previous week, Bitcoin (BTC) looks set to conquer the hugely significant $70,000 mark. According to CryptoQuant CEO Ki Young Ju, BTC’s quick recovery following its pullback indicates buyers are purchasing every dip, even minor ones.

Data has shown that Bitcoin whales are on a buying spree, with permanent holders boosting their BTC balances by a staggering 358,000 BTC in July. According to the CEO of CryptoQuant, the current trend shows that BTC is clearly in an accumulation phase.

“Bitcoin is in an accumulation phase. Over the past month, 358K BTC has moved to permanent holder addresses.”

Marathon Digital, the world’s largest Bitcoin miner, revealed the addition of $100 million worth of BTC to its holdings over the past month. This brings the total BTC in the company’s holdings to over 20,000 BTC. According to Marathon Digital’s CEO and Chairman, Fred Thiel, the company now plans to go on full HODL mode and keep BTC as their strategic reserve treasury asset.

“Today, Marathon is proud to announce that to strengthen our strategy of holding Bitcoin as our strategic treasury reserve asset, we have purchased $100 million in BTC over the past month and will now go full HODL.”

Caution Advised

While most market participants and analysts are incredibly bullish about Bitcoin (BTC) in the long term, some have advised caution in the near term. One such figure is Charles Edwards, the founder of Capriole Investments. According to Edwards, the launch of spot Ethereum ETFs in a weak market could create selling pressure in BTC should Bitcoin ETF institutional holders plan to diversify their holdings.

Bitcoin (BTC) Price Analysis

Bitcoin (BTC) is on the verge of reclaiming the $70,000 mark, although sellers are expected to mount a significant defense of this level and the overhead resistance at $72,000. BTC’s quick recovery from intra-week lows indicates a positive sentiment around the asset, with traders buying the dip. In the short term, traders expect BTC to push above $70,000 and set a new all-time high. However, in the long term, traders and market watchers are hugely bullish on the asset. Some, such as SkyBridge Capital founder Anthony Scaramucci, have stated that BTC’s market capitalization could potentially overtake the market capitalization of gold. Gold’s current market capitalization is between $15 and $16 trillion, while BTC is roughly $1.3 trillion.

As mentioned earlier, BTC saw a dip last week, which pushed the price down to $65,142 by the end of Wednesday. Sellers continued to push BTC lower on Thursday as well, with BTC slipping below $65,000 and dropping to a day low of $63,486. However, with traders buying the dip, BTC was able to make a strong recovery from this level, eventually rising by 0.69% to climb back above $65,000 and settle at $65,845. BTC continued to climb on Friday, rising by 3.12% to settle at $67,899 and breaking above the resistance at $67,500.

Source: TradingView

The weekend began with BTC facing significant selling pressure on Saturday as buyers and sellers attempted to wrest control of the market. BTC saw considerable fluctuations as it registered a low of $66,610 and a high of $69,332 before eventually settling at $67,833. Bulls took control on Sunday and pushed BTC up by 0.62%, with the price climbing above $68,000 and settling at $68,254. The current session sees BTC trading above $69,500 as BTC bulls attempt to push the price above $70,000. However, as the wick suggests, BTC is facing selling pressure at higher levels.

The 20-day SMA is currently upsloping, while the RSI