Bitcoin indicator data suggests a much stronger long-term picture than the current BTC price rejection from $69,000 would have traders believe.
Bitcoin Price news
Despite rising interest from both institutional and retail investors, the Bitcoin price has been unable to rise above the $70,000 psychological mark since July 29.
Bitcoin’s upcoming price recovery will be driven by a handful of unique factors.
Bitcoin’s brief rally to $69,000 maybe have been “driven by speculation” for a Trump victory. Meanwhile, BTC options traders say $80,000 is programmed.
The hedge fund veteran also suggests holding gold, commodities, and technology stocks.
Traders expect Bitcoin downside price action to continue but also agree that in the coming weeks, $73,000 could occur “fairly quickly.”
Bitcoin is finding support in the $66,500 to $65,000 zone and Bitcoin ETF inflows suggest traders are buying the dips. Will altcoins follow?
“It’s like your dial-up internet became broadband because the Bitcoin price went up,” according to the CEO of Amboss Technologies.
Bitcoin faces limited time to convince that it is “actually strong” as cooling BTC price action sticks around.
Bitcoin transaction volume analysis hints that retail interest is slowly returning in line with BTC price upside.