The recent Bitcoin price has been approaching $68,260, showing an upward trend. This is very close to the psychologically important level of $70,000. This upward trend has broken through the important resistance level of $68,248, reigniting interest in cryptocurrencies.
However, the next move is up to Bitcoin investors. They are showing positive signals, but their sentiment can change quickly. The path to $70,000 is now in their hands, with both upside potential and downside risk.
On-chain investor signals are positive
Over the weekend, Bitcoin supply on exchanges has dropped sharply. This reflects growing optimism among investors. More than 40,000 BTC, worth over $273 million, have been moved out of exchanges, which is a positive sign.
As the price approaches $70,000, FOMO (fear of missing out) buying among investors could further fuel the upward momentum. Some investors are entering the market at higher prices, expecting greater gains, but the outflow of BTC from exchanges is still a positive indicator. This shows that many investors are confident in Bitcoin's upward trajectory.
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From a technical perspective, Bitcoin's macro momentum is strong. One of the key indicators supporting this positive narrative is the Average Directional Index (ADX), which is approaching the crucial threshold of 25.0.
Crossing this level would signal that the current trend is strong, further strengthening the bullish outlook for Bitcoin. If the ADX exceeds 25, it is likely that Bitcoin will continue its upward trajectory and gain momentum as it approaches new highs.
BTC Price Prediction: Eyeing New All-Time Highs
At the current price of $68,260, Bitcoin has successfully converted the previous resistance level of $68,248 into a new support level. If BTC can maintain this support, the next target is $70,000, followed by $71,367, which is the last resistance before a new all-time high. Holding this level would solidify Bitcoin's uptrend and open the door for further price appreciation.
If Bitcoin breaks through the $71,367 resistance, the final barrier to a new all-time high of $73,080 will be removed. This level would be a significant milestone, indicating strong investor confidence in BTC and sustained market momentum.
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However, if Bitcoin loses the $68,248 support level, the price could drop to $65,292, effectively erasing most of the recent gains. A further decline below $65,000 could invalidate the current positive outlook and potentially lead to a bearish reversal.
