{"id":649170,"date":"2024-10-22T06:00:08","date_gmt":"2024-10-22T06:00:08","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=649170"},"modified":"2024-10-22T03:31:38","modified_gmt":"2024-10-22T03:31:38","slug":"market-analyst-charts-the-bitcoin-journey-to-70000-weekly-price-action-insights","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/bitcoin-news\/market-analyst-charts-the-bitcoin-journey-to-70000-weekly-price-action-insights\/","title":{"rendered":"Market Analyst Charts The Bitcoin Journey To $70,000: Weekly Price Action Insights"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Since July 29, the Bitcoin price has been struggling to regain the $70,000 mark, which has proven to be a formidable resistance barrier for the leading cryptocurrency. This resistance has been in place for the last two quarters of the year, after BTC hit an<\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/can-bitcoin-price-reach-a-new-all-time-high-golden-cross\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\"> all-time high<\/span><\/a><span style=\"font-weight: 400\"> of $73,700 back in March this year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Since then, the market has experienced price corrections and periods of consolidation, but recent bullish sentiment has sparked hope for a price resurgence as the year progresses.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Could $70,000 Be Within Reach?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Market analyst Rekt Capital has provided insights into Bitcoin&#8217;s current trajectory, emphasizing the recent uptrend and the potential for the cryptocurrency to regain the $70,000 mark.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, Rekt <\/span><a href=\"https:\/\/newsletter.rektcapital.co\/bitcoin-the-road-to-70-000-part2\/\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">pointed out<\/span><\/a><span style=\"font-weight: 400\"> that Bitcoin has broken through a downtrending channel after surpassing the $65,000 level earlier this month, effectively invalidating a series of lower highs that had been established since mid-March.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/news\/ripple\/xrp-network-activity-surges-as-price-seeks-to-break-0-55-resistance\/\" target=\"_blank\" rel=\"noopener \">XRP Network Activity Surges As Price Seeks To Break $0.55 Resistance<\/a><\/div>\n<p><span style=\"font-weight: 400\">This breakout signifies the end of the previous downtrend. Rekt noted that Bitcoin had repeatedly failed to break above the channel&#8217;s <\/span><a href=\"https:\/\/www.shenyangcang.com\/analysis\/doge\/dogecoin-doge-sets-sights-on-0-150\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">resistance<\/span><\/a><span style=\"font-weight: 400\">, but the most recent weekly close has shifted market sentiment.\u00a0<\/span><\/p>\n<figure id=\"attachment_649175\" aria-describedby=\"caption-attachment-649175\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-649175\" src=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-21_13-25-35.png?w=860&#038;resize=860%2C576\" alt=\"Bitcoin\" width=\"860\" height=\"576\" srcset=\"https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-21_13-25-35.png?w=1000 1000w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-21_13-25-35.png?w=460 460w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-21_13-25-35.png?w=768 768w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-21_13-25-35.png?w=860 860w, https:\/\/www.shenyangcang.com\/wp-content\/uploads\/2024\/10\/BTCUSD_2024-10-21_13-25-35.png?w=750 750w\" sizes=\"(max-width: 860px) 100vw, 860px\"><figcaption id=\"caption-attachment-649175\" class=\"wp-caption-text\">Breakout of BTC&#8217;s downtrend channel after three failed attempts earlier this year. Source: <a href=\"https:\/\/newsletter.rektcapital.co\/bitcoin-the-road-to-70-000-part2\/\" target=\"_blank\" rel=\"noopener nofollow\">Rekt Capital Newsletter<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">In his analysis, Rekt explains that Bitcoin is currently retesting its former resistance point above $69,000, suggesting that a successful retest could confirm the breakout and pave the way for further upside momentum.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Rekt further explains that the current retest of lower <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/33-14-billion-bitcoin-price-72462\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">support <\/span><\/a><span style=\"font-weight: 400\">floors could see Bitcoin&#8217;s price dip to around $66,300, which is the channel top. This level has previously served as a significant barrier, preventing the price from reaching higher levels.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Rekt pointed out that last week&#8217;s performance demonstrated the importance of this area, as Bitcoin closed above the lower high, setting the stage for a possible transition to higher levels if the aforementioned support holds.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Key Resistance Challenge Ahead For Bitcoin<\/span><\/h2>\n<p><span style=\"font-weight: 400\">If Bitcoin successfully retests this support level, the analyst expects that the next target would be the range high at approximately $71,500. This level marks a crucial challenge for Bitcoin, as it would signify the first attempt to breach the top of the <\/span><a href=\"https:\/\/www.shenyangcang.com\/analysis\/btc\/bitcoin-price-corrects-gains-66500\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">re-accumulation range<\/span><\/a><span style=\"font-weight: 400\"> since June.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Rekt goes on to argue that a successful move towards the area high above these levels would demonstrate that the previous resistance is weakening, further boosting BTC&#8217;s prospects of reaching higher levels.<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the question remains: how deep will any potential retracement be if Bitcoin faces rejection at the range high? Historically, since mid-March 2024, Bitcoin has encountered deeper <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-headed-for-35720\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">rejections<\/span><\/a><span style=\"font-weight: 400\">, with declines of 21% to 25% on August 5 and September 6 respectively.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/news\/ethereum\/ethereum-price-prediction\/\" target=\"_blank\" rel=\"noopener \">Ethereum Price Prediction: Crypto Analyst Says Things Are \u2018About To Get Interesting\u2019<\/a><\/div>\n<p><span style=\"font-weight: 400\">Rekt <\/span><a href=\"https:\/\/x.com\/rektcapital\/status\/24888137\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">concludes <\/span><\/a><span style=\"font-weight: 400\">that BTC is moving deeper into a prior resistance area at $66,000, which may soon transform into support. A successful retest of this level could precede a significant reversal back to the $70,000 mark, reinforcing the bullish outlook for Bitcoin as it navigates through these critical price levels.<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/kOgygBEr\/\" alt=\"Bitcoin\" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">The daily chart shows BTC&#8217;s price retrace. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">At the time of writing, BTC is trading at $67,350, registering a retracement of 2% in the 24-hour time frame.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since July 29, the Bitcoin price has been struggling to regain the $70,000 mark, which has proven to be a formidable resistance barrier for the leading cryptocurrency. This resistance has been in place for the last two quarters of the year, after BTC hit an all-time high of $73,700 back in March this year.\u00a0 Since then, the market has experienced price corrections and periods of consolidation, but recent bullish sentiment has sparked hope for a price resurgence as the year progresses. Could $70,000 Be Within Reach? Market analyst Rekt Capital has provided insights into Bitcoin&#8217;s current trajectory, emphasizing the recent uptrend and the potential for the cryptocurrency to regain the $70,000 mark.\u00a0 Notably, Rekt pointed out that Bitcoin has broken through a downtrending channel after surpassing the $65,000 level earlier this month, effectively invalidating a series of lower highs that had been established since mid-March. Related Reading: XRP Network Activity Surges As Price Seeks To Break $0.55 Resistance This breakout signifies the end of the previous downtrend. Rekt noted that Bitcoin had repeatedly failed to break above the channel&#8217;s resistance, but the most recent weekly close has shifted market sentiment.\u00a0 In his analysis, Rekt explains that Bitcoin is currently retesting its former resistance point above $69,000, suggesting that a successful retest could confirm the breakout and pave the way for further upside momentum. Rekt further explains that the current retest of lower support floors could see Bitcoin&#8217;s price dip to around $66,300, which is the channel top. This level has previously served as a significant barrier, preventing the price from reaching higher levels.\u00a0 Rekt pointed out that last week&#8217;s performance demonstrated the importance of this area, as Bitcoin closed above the lower high, setting the stage for a possible transition to higher levels if the aforementioned support holds. Key Resistance Challenge Ahead For Bitcoin If Bitcoin successfully retests this support level, the analyst expects that the next target would be the range high at approximately $71,500. This level marks a crucial challenge for Bitcoin, as it would signify the first attempt to breach the top of the re-accumulation range since June.\u00a0 Rekt goes on to argue that a successful move towards the area high above these levels would demonstrate that the previous resistance is weakening, further boosting BTC&#8217;s prospects of reaching higher levels. However, the question remains: how deep will any potential retracement be if Bitcoin faces rejection at the range high? Historically, since mid-March 2024, Bitcoin has encountered deeper rejections, with declines of 21% to 25% on August 5 and September 6 respectively.\u00a0 Related Reading: Ethereum Price Prediction: Crypto Analyst Says Things Are \u2018About To Get Interesting\u2019 Rekt concludes that BTC is moving deeper into a prior resistance area at $66,000, which may soon transform into support. A successful retest of this level could precede a significant reversal back to the $70,000 mark, reinforcing the bullish outlook for Bitcoin as it navigates through these critical price levels. At the time of writing, BTC is trading at $67,350, registering a retracement of 2% in the 24-hour time frame.\u00a0 Featured image from DALL-E, chart from TradingView.com\u00a0<\/p>\n","protected":false},"author":589,"featured_media":649171,"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":[428,485,656,679,1119,1122,78790,6664,14690,1558],"class_list":["post-649170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-price","tag-btcusdt","tag-crypto","tag-crypto-news","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>Market Analyst Charts The Bitcoin Journey To $70,000: Weekly Price Action Insights<\/title>\n<meta name=\"description\" content=\"Since July 29, the 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