Bitcoin Price Forecast: $70,000 Resistance at Risk

Essentially, this means that following Joe Biden's decision to drop out of the election campaigns, Bitcoin LONG contracts have now exceeded SHORT

As Joe Biden bowed out of the election campaigns, Bitcoin LONG contracts surpassed SHORT contracts by an impressive $80 million. This development seems to be influenced by Biden's announcement, which has instilled confidence in investors regarding BTC's short-term price prospects. If bulls maintain this momentum until markets resume on Monday, we could witness a verstärkte Mittelzufuhr in Richtung Bitcoin purchases.

Moreover, considering that bears have mounted $1.20 billion in SHORT positions around the current prices, BTC price is poised to enter an accelerated uptrend if those SHORT contracts are liquidated within a short period.

If this short-squeeze scenario unfolds, BTC price could surge towards $70,000 in the week ahead, especially if Bitcoin ETF investors decide to ramp up buying pressure following Biden's latest announcement.

Bitcoin Price Forecast: $70,000 Resistance Under Threat

Bitcoin's price reached a new 30-day high of $68,477.85 on July 22. Despite a slight pullback, BTC continues to trade above crucial support levels. Currently priced at $67,353.04, Bitcoin appears to be gearing up for a potential upward move as bulls aim to retest the $70,000 resistance level.

A technical analysis of the chart reveals a mixed outlook. The Bollinger Bands (BB) are beginning to widen, indicating increasing volatility. The %b indicator, which measures the price's position relative to the upper and lower Bollinger Bands, stands at 0.87. This signifies that Bitcoin is approaching the upper band, a zone typically associated with overbought conditions. However, a sustained move above this level could indicate strong bullish momentum.

The above is the detailed content of Bitcoin Price Forecast: $70,000 Resistance at Risk. For more information, please follow other related articles on the PHP Chinese website!