Bitcoin (BTC) Price Can Hit $77K In Coming Week If This Happens
The post Bitcoin (BTC) Price Can Hit $77K In Coming Week If This Happens appeared first on Coinpedia Fintech News
Bitcoin (BTC) price slipped 3.5 percent in the past 24 hours to trade around $69,453 on Wednesday during the early Asian session. The flagship coin is retesting the support range between $69,200 and $69,500 to revisit its all-time high (ATH) above $73k. Moreover, Bitcoin successfully broke out of the resistance level at around $67,200 earlier this week, thus suggesting that the bulls are in control.
However, Bitcoin price must consistently close above $73k in the coming weeks to invalidate a possible double top, backed by a bearish divergence on the Relative Strength Index (RSI).
Bitcoin Whale Investors are Unwavering
Cash inflows have dramatically increased following the recent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States and Hong Kong. Moreover, investors are assured of enhanced liquidity and secure Bitcoin trading platforms.
According to on-chain data, Bitcoin holders are increasingly inclined to hold rather than sell their assets. Furthermore, more investors view Bitcoin as a store of value than a trading instrument.
Midterm Targets
According to the TD Sequential indicator on the 1-hour time frame, Bitcoin’s price will soon rebound towards ATH. Moreover, Bitcoin price established a robust support level above $66k, where more than 530k coins were transacted.
The next major target for Bitcoin is around $73,885, which coincides with the four-hour 2.618 Fibonacci Extension.
A consistent close above $74k will pump Bitcoin price towards $77k, which coincides with the four-hour 3.618 Fibonacci Extension.
