Bitcoin is up 7.6% in the past seven days, but it charted 6% gains in the past 24 hours alone in a very formidable push. However, it’s worth noting that we need to see a daily close above $64.8K, as well as a potential confirmation on the weekly chart to have more confidence in the current rally.
Chart by TradingView
Bitcoin is currently pushing above the important resistance level at $64.8K on the intraday, and it’s looking to complete the cup and handle pattern that we have been tracking for the past couple of weeks.
The BTC price managed to set a few 4-hour closes above $64.8K, which is definitely a positive signal, but we do need to see the daily close above it so that the level can be turned into support. An even stronger buy signal would flash if the cryptocurrency manages to paint a weekly close above this level.
If bitcoin is successful in doing so, the next targets to consider after breaking the ATH above $67K would be $70.1K, $74K, $74.7K, and $80.5K.
First things first, we can see that there’s a slight distribution from the 2-to-3-year and 3-to-5-year cohort, but there are definitely no major signs of aggressive distribution, which is positive.
It’s bullish because it indicates that most of the older cohorts are not interested in selling at these levels just yet.
Miners did sell a small amount during the recent move above $64.8K, but the aggregate miner reserves remain at 1.858M BTC, with no major signs of aggressive selling.
Ethereum co-founder Vitalik Buterin has warned crypto executives to switch focus to collective security and…
Binance founder Changpeng Zhao warned in a recent interview with CoinDesk that traditional banks may…
Ripple CEO Bradley Garlinghouse is pushing back against the idea that the company’s growing RLUSD…
According to a recent report from a local Chinese publication, Chinese regulators have moved against…
Wall Street staged a sharp recovery following the U.S. midterm elections, reversing earlier losses as…
ADA continues to gain popularity in tokenized real-world assets and institutional blockchain adoption. Petrobras’ move…