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Market Analyst Charts The Bitcoin Journey To $70,000: Weekly Price Action Insights
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Market Analyst Charts The Bitcoin Journey To $70,000: Weekly Price Action Insights

Ronaldo Marquez
Ronaldo Marquez
8 months ago
3 mins read
Crypto

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Since July 29, the Bitcoin price has been struggling to regain the $70,000 mark, which has proven to be a formidable resistance barrier for the leading cryptocurrency. This resistance has been in place for the last two quarters of the year, after BTC hit an all-time high of $73,700 back in March this year. 

Since then, the market has experienced price corrections and periods of consolidation, but recent bullish sentiment has sparked hope for a price resurgence as the year progresses.

Could $70,000 Be Within Reach?

Market analyst Rekt Capital has provided insights into Bitcoin’s current trajectory, emphasizing the recent uptrend and the potential for the cryptocurrency to regain the $70,000 mark. 

Notably, Rekt pointed out that Bitcoin has broken through a downtrending channel after surpassing the $65,000 level earlier this month, effectively invalidating a series of lower highs that had been established since mid-March.

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This breakout signifies the end of the previous downtrend. Rekt noted that Bitcoin had repeatedly failed to break above the channel’s resistance, but the most recent weekly close has shifted market sentiment. 

Bitcoin
Breakout of BTC’s downtrend channel after three failed attempts earlier this year. Source: Rekt Capital Newsletter

In his analysis, Rekt explains that Bitcoin is currently retesting its former resistance point above $69,000, suggesting that a successful retest could confirm the breakout and pave the way for further upside momentum.

Rekt further explains that the current retest of lower support floors could see Bitcoin’s price dip to around $66,300, which is the channel top. This level has previously served as a significant barrier, preventing the price from reaching higher levels. 

Rekt pointed out that last week’s performance demonstrated the importance of this area, as Bitcoin closed above the lower high, setting the stage for a possible transition to higher levels if the aforementioned support holds.

Key Resistance Challenge Ahead For Bitcoin

If Bitcoin successfully retests this support level, the analyst expects that the next target would be the range high at approximately $71,500. This level marks a crucial challenge for Bitcoin, as it would signify the first attempt to breach the top of the re-accumulation range since June. 

Rekt goes on to argue that a successful move towards the area high above these levels would demonstrate that the previous resistance is weakening, further boosting BTC’s prospects of reaching higher levels.

However, the question remains: how deep will any potential retracement be if Bitcoin faces rejection at the range high? Historically, since mid-March 2024, Bitcoin has encountered deeper rejections, with declines of 21% to 25% on August 5 and September 6 respectively. 

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Rekt concludes that BTC is moving deeper into a prior resistance area at $66,000, which may soon transform into support. A successful retest of this level could precede a significant reversal back to the $70,000 mark, reinforcing the bullish outlook for Bitcoin as it navigates through these critical price levels.

Bitcoin
The daily chart shows BTC’s price retrace. Source: BTCUSDT on TradingView.com

At the time of writing, BTC is trading at $67,350, registering a retracement of 2% in the 24-hour time frame. 

Featured image from DALL-E, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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