{"id":639283,"date":"2024-09-03T05:00:34","date_gmt":"2024-09-03T05:00:34","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=639283"},"modified":"2024-09-02T16:16:13","modified_gmt":"2024-09-02T16:16:13","slug":"bitcoin-needs-to-break-70000-for-the-uptrend-to-continue-heres-why","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/bitcoin-news\/bitcoin-needs-to-break-70000-for-the-uptrend-to-continue-heres-why\/","title":{"rendered":"Bitcoin Needs To Break $70,000 For The Uptrend To Continue, Here&#8217;s Why"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">Bitcoin traders are upbeat, expecting prices to shake off recent weakness and soar above the local resistances to as high as $73,800. Even so, before the coin breaks above these liquidation regions, buyers must have conviction. Moreover, the leg up must be sustained by a fresh influx of new capital, ideally from investors fearing they will miss the train.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Currently, Bitcoin is stable and moving inside last week&#8217;s bear range. At the same time, the coin is moving inside the September 1 bear candlestick that&#8217;s noticeably wide-ranging. Even though prices are higher at spot rates, finding support from the $56,500 and $57,000 support zone, some traders are not convinced.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Bitcoin Needs To Break $70,000 For The Uptrend To Continue<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">There are several reasons to be cautious. According to IntoTheBlock <a href=\"https:\/\/x.com\/intotheblock\/status\/12837817\" target=\"_blank\" rel=\"noopener nofollow\">data<\/a>, bulls need to be supported for the uptrend of Q1 2024 to continue. From their data, approximately seven million addresses bought BTC between $61,700 and $70,500. <\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/ripple-unleashes-1-billion-xrp-could-this-trigger-a-price-tsunami\/\" target=\"_blank\" rel=\"noopener \">Ripple Unleashes 1 Billion XRP: Could This Trigger A Price Tsunami?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">At spot rates, the analytics platform notes that these addresses are at a loss. Therefore, whenever prices approaches their break even price, they are more likely to sell.\u00a0\u00a0<\/span><\/p>\n<figure id=\"attachment_639284\" aria-describedby=\"caption-attachment-639284\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-639284\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWd9ns-XoAI2kbt.jpg?resize=1024%2C218\" alt=\"Bitcoin must breach $70,000 | Source: @intotheblock via Xa\" width=\"1024\" height=\"218\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWd9ns-XoAI2kbt.jpg?w=1722 1722w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWd9ns-XoAI2kbt.jpg?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWd9ns-XoAI2kbt.jpg?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWd9ns-XoAI2kbt.jpg?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWd9ns-XoAI2kbt.jpg?w=1536 1536w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWd9ns-XoAI2kbt.jpg?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWd9ns-XoAI2kbt.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-639284\" class=\"wp-caption-text\">Bitcoin must breach $70,000 | Source: @intotheblock via Xa<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Their sustained selling pressure and motivation to be safe, IntoTheBlock data analysts said, prevents BTC from ripping higher, soaring to all-time highs. In light of this, and for Bitcoin to soar, bulls need to sustain the rally above $60,000. <\/span><\/p>\n<figure style=\"width: 1273px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.tradingview.com\/x\/eckeNZuP\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/eckeNZuP\/\" alt=\"Bitcoin price moving sideways on the daily chart | Source: BTCUSDT on Binance, TradingView\" width=\"1273\" height=\"590\"><\/a><figcaption class=\"wp-caption-text\">Bitcoin price moving sideways on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/eckeNZuP\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Moreover, they need to decisively break $70,000, ideally with expanding volume. If anything, the level of engagement should exceed the trading volume posted on August 5. Then, prices slumped to as low as $49,000 in early August.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Over 30% Of All Supply In The Hands Of HODLers, Paper BTC Declining<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">While there is a likelihood that the nearly seven million addresses will dump BTC, a significant portion of BTC supply is in the hands of long-term holders (LTHs). LTHs are those addresses that have held BTC for at least 155 days. According to IntoTheBlock <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/intotheblock\/status\/92058200\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">data<\/span><\/a><span data-preserver-spaces=\"true\">, over 30% of the total supply has not been moved for over five years.\u00a0\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/bitcoin\/why-is-bitcoin-price-down-today-key-reasons\/\" target=\"_blank\" rel=\"noopener \">Why Is Bitcoin Price Down Today? Key Reasons Explained<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">Meanwhile, another bullish factor that can support prices in the coming days is how the market has been absorbing supply from German authorities, the United States Department of Justice (DoJ), and <a href=\"https:\/\/shenyangcang.com\/bitcoin-news\/mt-gox-creditors-opt-to-hodl-bitcoin-rather-than-sell-cryptoquant-data-shows\/\" target=\"_blank\" rel=\"noopener \">Mt. Gox<\/a>. <\/span><\/p>\n<figure id=\"attachment_639285\" aria-describedby=\"caption-attachment-639285\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-639285\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWb_Ijdb0AAtDAp.jpg?resize=1024%2C743\" alt=\"Paper BTC declining | Source: @woonomic via X\" width=\"1024\" height=\"743\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWb_Ijdb0AAtDAp.jpg?w=2402 2402w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWb_Ijdb0AAtDAp.jpg?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWb_Ijdb0AAtDAp.jpg?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWb_Ijdb0AAtDAp.jpg?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWb_Ijdb0AAtDAp.jpg?w=1536 1536w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWb_Ijdb0AAtDAp.jpg?w=2048 2048w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWb_Ijdb0AAtDAp.jpg?w=120 120w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWb_Ijdb0AAtDAp.jpg?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/09\/GWb_Ijdb0AAtDAp.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-639285\" class=\"wp-caption-text\">Paper BTC declining | Source: @woonomic via X<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">One on-chain analyst <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/x.com\/woonomic\/status\/78539195\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">notes<\/span><\/a><span data-preserver-spaces=\"true\"> that the absorption is impressive. This development, coupled with declining &#8220;paper&#8221; BTC from derivative platforms like Binance, could support prices.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin traders are upbeat, expecting prices to shake off recent weakness and soar above the local resistances to as high as $73,800. Even so, before the coin breaks above these liquidation regions, buyers must have conviction. Moreover, the leg up must be sustained by a fresh influx of new capital, ideally from investors fearing they will miss the train. Currently, Bitcoin is stable and moving inside last week&#8217;s bear range. At the same time, the coin is moving inside the September 1 bear candlestick that&#8217;s noticeably wide-ranging. Even though prices are higher at spot rates, finding support from the $56,500 and $57,000 support zone, some traders are not convinced. Bitcoin Needs To Break $70,000 For The Uptrend To Continue There are several reasons to be cautious. According to IntoTheBlock data, bulls need to be supported for the uptrend of Q1 2024 to continue. From their data, approximately seven million addresses bought BTC between $61,700 and $70,500. Related Reading: Ripple Unleashes 1 Billion XRP: Could This Trigger A Price Tsunami? At spot rates, the analytics platform notes that these addresses are at a loss. Therefore, whenever prices approaches their break even price, they are more likely to sell.\u00a0\u00a0 Their sustained selling pressure and motivation to be safe, IntoTheBlock data analysts said, prevents BTC from ripping higher, soaring to all-time highs. In light of this, and for Bitcoin to soar, bulls need to sustain the rally above $60,000. Moreover, they need to decisively break $70,000, ideally with expanding volume. If anything, the level of engagement should exceed the trading volume posted on August 5. Then, prices slumped to as low as $49,000 in early August. Over 30% Of All Supply In The Hands Of HODLers, Paper BTC Declining While there is a likelihood that the nearly seven million addresses will dump BTC, a significant portion of BTC supply is in the hands of long-term holders (LTHs). LTHs are those addresses that have held BTC for at least 155 days. According to IntoTheBlock data, over 30% of the total supply has not been moved for over five years.\u00a0\u00a0 Related Reading: Why Is Bitcoin Price Down Today? Key Reasons Explained Meanwhile, another bullish factor that can support prices in the coming days is how the market has been absorbing supply from German authorities, the United States Department of Justice (DoJ), and Mt. Gox. One on-chain analyst notes that the absorption is impressive. This development, coupled with declining &#8220;paper&#8221; BTC from derivative platforms like Binance, could support prices. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":637422,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,86710,679,768,78790,85956],"class_list":["post-639283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-hodlers","tag-bitcoin-price","tag-bitcoin-trading","tag-btcusdt","tag-paper-bitcoin"],"acf":[],"yoast_head":"\n<title>Bitcoin Needs To Break $70,000 For The Uptrend To Continue, Here&#039;s Why<\/title>\n<meta name=\"description\" content=\"Bitcoin is moving sideways. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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