Bitcoin Price Analysis As Trading Volume Dips To $26 Billion, Bull Run Or Sell-Off To $65,000?

Highlights

Bitcoin hovered slightly below its previous all-time high while holding above $71,000 support.
The BTC futures open interest rockets to a new all-time high, hitting the $37.5 billion milestone.
Bitcoin’s surge above $72,000 could trigger a major run backed by FOMO.

Bitcoin price analysis: BTC’s swing above $70,000 this week, touched $72,000 before taking a breather to $71,000 support. This move, although small, triggered a cascade of bullish price movements in altcoins. Major coins like Binance Coin (BNB) surged above key resistance levels to exchange at $716 on Thursday.

The largest cryptocurrency traded at $71,447 during US business hours, maintaining a 1.2% increase in 24 hours. Bitcoin has sustained a 5% surge in seven days on top of a 12% increase in 30 days, CoinGecko data shows.

Bitcoin Price Analysis: What’s Next For BTC

Bitcoin bulls have cleared almost all hurdles leading to an all-time high of $73,837. The daily chart emphasizes the green candle, seeking a weekly close above $72,000 resistance.

Once this resistance is obliterated, bulls will have more confidence to push above the all-time high—a move likely to trigger FOMO among investors. The expected price discovery would pave the way for gains to $80,000 with $100,000 possible before year-end.

Bitcoin price analysis chart | Tradingview

The Moving Average Convergence Divergence (MACD) backs the bullish thesis. A buy signal that manifested around mid-May and has been reconfirmed with the blue MACD line rising above the orange signal line.

Based on all three bull market indicators; the Exponential Moving Averages (EMAs) including the 20-day, the 50-day and the 100-day affirm the bullish outlook.

This shows that the path of least resistance is north and that Bitcoin price is close to setting another milestone or record high.

The Money Flow Index (MFI), an indicator tracking the amount of money flowing in and out of Bitcoin markets, further adds credibility to the uptrend. A recovery from the midline at 50 holds at 68 on its way into the overbought region. If traders continue to pump money into BTC, the move above $72,000 and subsequently to a new all-time high will come sooner than anticipated.

Bitcoin Futures Open Interest Hit New ATH

According to Coinglass, a popular platform tracking the crypto derivatives market, the total Bitcoin open interest (OI) is at a historical high. The surge to $37.5 billion comes as Bitcoin settles above the pivotal $70,000 after correcting to $56,500 in May.

An increase in OI is often considered a bullish signal. It shows that investors are bullish and expecting prices to rise. Therefore, with BTC futures OI rising consistently, chances of a breakout to a new ATH are high.

The robust support areas behind Bitcoin price prediction are other key factors to consider when trading or buying Bitcoin. According to the IOMAP model by IntoTheBlock, the green circles represent support zones where BTC is likely to bounce from in the event of a pullback.

Conversely, the absence of solid resistance zones indicates that bulls have the upper hand. With a slight push upwards, Bitcoin price might ignite a larger rally.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.