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- 1 The Bitcoin price entered uncharted territory and is displaying bullish momentum.
- 2 Investors are fueling the BTC price and crossed the hurdle of $70K this week.
The world’s leading cryptocurrency (Bitcoin) persisted in establishing records and assembled renewed highs for weeks. Since the onset of 2024, the BTC coin has rewarded investors and seen a notable surge of over 90% in the last two months, and it is still offering a rally. The investors speculated on the coin, and institutional buying cues were noted. Despite the significant correction from the highs of $65k in 2021, the BTC coin retrieved and sharply overtook the zone with a gigantic spike in trading volume.
At press time, the Bitcoin (BTC) price was trading at $73,445.18 with an intraday gain of 1.84%, indicating bullishness on the charts. It has a weekly return ratio of 15.20% and 51.99% on a monthly basis. The volume-to-market cap ratio is 0.0400, and the market cap is $1.44 Trillion. Analysts are bullish and suggest that BTC has taken wings and is setting its eyes on the $100k mark to catch in the following sessions.
Bitcoin Pumps Above $70k with a Surge in Volume
The above chart signifies the price-to-volume profile of Bitcoin, which recites a significant reversal in recent weeks. This month, the three white soldiers pattern formation led to a wave of over 80%. It led BTC to cross its primary hurdle of $70k with a notable increase of 110% to $64.78 Billion in the trading volume. The data indicates massive institutional buying activity and whale movement.
Bitcoin Price Volatility is at Peak; Sentiments Refelcts Positivity Among Investors
The data indicates sharp volatility with an increase in the price value signifies the investors willingness and whale activity. Moreover, the curve replicates a jump of over 23% to 0.0087. However, this week the volatility curve reached a maximum of 0.013. Meanwhile, the total weighted sentiment keeps rising and indicates the overwhelming bullishness.
Social Dominance and Total Supply Analysis
The above data indicates increased social discussion activity on social platforms, which led to a spike in the social dominance curve. The curve spikes over 26% to 24.89%. Meanwhile, the total supply increased to 19.65 Million, whereas the total number of holders rose to 52.20 Million.
Development Activity and Open Interest (OI) Analysis
The development activity of Bitcoin keeps increasing. It grew 30% to 512 this week, signifying a positive outlook. Additionally, the number of active addresses spikes to 17.06 Million. The derivative data indicates the long buildup activity, and the open interest increased by 2.73% to $37.13 Billion.
Bitcoin (BTC) in Strong Momentum; Can It Reach $80K This Month?
On the weekly charts, the Bitcoin (BTC) price has given a multi-year breakout and has bounced above the $70k mark. Buyers are fueling gains and aggressively boosting the coin price for the past sessions. The recent spot ETF approval triggered bullish momentum and a sharp up move was noted on the charts.
The Relative strength index (RSI) curve stays close to 80 in the overbought zone, forming a positive divergence on the charts. However, the Bitcoin price may gently retrace toward the $70k mark anytime, as the indicators tell the overbought scenario.
Summary
The Bitcoin (BTC) price is in strong bullish momentum and reaching new highs daily for the past sessions. The trend is intact, and the follow-on buying momentum was noted on the charts.
Technical Levels
Support Levels: $72900 and $72450
Resistance Levels: $74000 and $74900
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
