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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans
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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

Bitcoin Needs To Break $70,000 For The Uptrend To Continue, Here’s Why

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Bitcoin price prediction US recession

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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’s bear range. At the same time, the coin is moving inside the September 1 bear candlestick that’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.

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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.  

Bitcoin must breach $70,000 | Source: @intotheblock via Xa
Bitcoin must breach $70,000 | Source: @intotheblock via Xa

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.

Bitcoin price moving sideways on the daily chart | Source: BTCUSDT on Binance, TradingView
Bitcoin price moving sideways on the daily chart | Source: BTCUSDT on Binance, TradingView

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.  

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Why Is Bitcoin Price Down Today? Key Reasons Explained

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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.

Paper BTC declining | Source: @woonomic via X
Paper BTC declining | Source: @woonomic via X

One on-chain analyst notes that the absorption is impressive. This development, coupled with declining “paper” BTC from derivative platforms like Binance, could support prices.

Feature image from DALLE, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. 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.

Read more

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.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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