Are The Odds In The Bulls Or Bears Favor?
Bitcoin had its best quarterly close during Q1, 2024. Despite BTC’s stellar performance, as Q2 started, the market was dragged by the leading cryptocurrency’s price correction.
Since then, Bitcoin has been steadily recovering, testing the $70,000 resistance level over the weekend. As the week started, BTC appeared to have regained support above the $70,000 level.When you compare support (1.4 million addresses holding 893,000 between $68,220 and $70,325) with resistance (474,000 addresses holding 285,000 between $70,760 and $71,200), the odds appear to favor the bulls! — Ali (@ali_charts)
According to Martinez’s post, the In/Out of the Money Around Price (IOMAP) indicator seems favorable to the bulls. Per the chart, the addresses holding BTC at the support level massively outnumber those holding Bitcoin at the resistance level.
Analyst Forecast Bitcoin To 90,000 Soon
Captain Faibik, another crypto analyst, also seems to perceive more bullish momentum for Bitcoin. In an X post, the analyst suggests that BTC’s “bullish pennant upside break is confirmed on the daily chart.”Bullish Pennant Upside Breakout is Confirmed on the Daily timeframe Chart.. ✅ Now, Send Bitcoin to the 88-90k this Month. 📈🚀 — Captain Faibik (@CryptoFaibik)At the time of writing, Bitcoin remains above the $70,000 support level, only 5% below its most recent all-time high (ATH) price of $73,373. Despite the positive resistance, BTC’s price performance shows a slight decrease of 2.3% from yesterday. Similarly, its daily trading volume and market capitalization have mildly dropped. According to CoinMarketCap data, BTC’s daily trading volume is down by 6%, while its market cap of $1.38 trillion represents a 2.1% decrease.
Nonetheless, Bitcoin remains 8.4% above its price seven days ago, trading at $70,378. Further bullish sentiment, fueled by the upcoming “Halving” event, could help the largest cryptocurrency by market capitalization consolidate its support above the current levels.
Bitcoin sits above the $70,000 support level in the 1-day chart. Source: BTCUSDT on