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The Bitcoin trade propels businessman and trader to happiness as it approaches $70 000. This has greatly boosted the market as several things that have been said, or that have happened recently in the US Crypto Plans have made people more positive. Now let me analyse it more intimately to find whether it will, truly, be possible for Bitcoin to get to $70000 before August
Bitcoin monthly results and Key Announcements
It was considerably levelled in the previous month but now the graph of Bitcoin is showing a massive jump. It features a sell signal, much higher, nearly fifteen percent higher is how it stands on the monthly chart. This increase was succeeding by a number of big events such as major news at the latest Bitcoin conference. Important announcements that are lifting spirits
One interesting news came from U.S. Senator Cynthia Lummis, who said she would be introducing legislation for a “strategic bitcoin reserve” to help lower the national debt. The plan is for the U.S. Treasury to buy one million Bitcoins over five years, which would be worth about $69.5 billion right now, and keep them for at least twenty years.
Support for Bitcoin from the government
Donald Trump, who was president before, also promised to make the U.S. the “crypto capital of the planet” and set up a national Bitcoin hoard. His plan calls for the U.S. government to keep all of its Bitcoin, which makes the market even more optimistic.
Breaking Through Resistance
Bitcoin recently broke through the barrier at $68,500, going up past $69,000 and getting close to $70,000. This rise is being helped by a good response from the market to the expected interest rate decision from the U.S. Federal Reserve on July 31.
Technical Signs and Markers
Bitcoin is still trading above the 100-hourly simple moving average (SMA) at $69,712 at the time of this writing. On the hourly chart of the BTC/USD pair, resistance at $68,242 was passed, which was a key rising trend line. The pair picked up speed above the 23.6% Fib level of the drop from the swing high of $69,796 to the low of $67,277.
The RSI and the Moving Average
Also, the Relative Strength Index (RSI) is at 69, which means that the trend is still up, but it hasn’t reached high levels yet. The price of Bitcoin is also above the 100-day and 200-day moving averages, which makes the bullish view even stronger.
Bitcoin to Break $70,000 and More
As Bitcoin continues to rise, it might run into trouble around $69,800 to $70,000. If this support is broken, the price could go up and try to beat its all-time high of $73,750.
Possible correction to the downside
In the other direction, Bitcoin could go down if it can’t get past the $70,000 barrier. Around $68,560 is the first level of help. Levels of support at $68,250 and $67,500 are also important. The $65,718 support zone could be tested by a bigger drop.
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Disclaimer: The information provided by CryptopianNews is for educational and informational purposes only. It should not be considered financial or investment advice. Cryptocurrency markets are highly volatile and speculative, and investing in them carries inherent risks. Readers are advised to conduct their own research and consult with a qualified financial advisor before making any investment decisions.