Bitcoin Soars 20% In 12 Days: Do Bulls Have What It Takes To Break $72,000?
Bitcoin is firm and consolidating inside a bull bar. Still, buyers need to clear $72,000 for the uptrend to be valid
Bitcoin pushed higher on Thursday only to move sideways on Friday and throughout the weekend. Since prices remain above the support band of between $57,000 and $60,000, buyers have a chance. However, for this to show, prices must break higher, trading above $62,000. In that case, the bulls of August 8 will be confirmed, possibly triggering another leg up towards $72,000 or better.
The upswing means buyers have a chance despite the weak start of the month. Overall, there are pockets of strength. For instance, the failure of bears to unwind the bullish bar of August 8 and the relatively low trading volume give buyers a head start. So far, Bitcoin is up 20% from August lows but down 4% in the past day.
Traders are keeping track of the following Bitcoin news events:
- Hong Kong, which recently approved spot Bitcoin and Ethereum ETFs, plans to enhance its crypto regulation in the next one and a half years. By establishing a robust crypto regulatory framework, the city-state will hope to attract more talent and foster innovation.
- Even with BTC prices rising over the weekend, a death cross printed last week. Even so, the fact that this technical formation is formed by lagging moving average indicators is a relief for bulls.
Bitcoin Price Analysis
BTC/USD is steady at spot rates, absorbing the selling pressure of early August.
Aggressive traders can load the dips as BTC stabilizes, adding an impressive 20% from August lows.
This outlook is valid as long as prices are inside the August 8 bar.
Every dip above the $57,000 to $60,000 region may offer entries for buyers targeting $66,000 and $72,000—or July highs.
Sharp losses aiming to unwind last week’s gains might slow down optimistic buyers in the short to medium term.
In that case, losses below $53,000 will be a big dent for buyers.
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