Bitcoin Breaks Through $65,000, Next Target $70,000?Bitcoin has broken through the $65,000 resistance level, and market attention has now turned to the next target - $70,000 or even an all-time high. Although some believe the market is nearing its peak, there are no clear signs of a top from the chart's trajectory
Bitcoin Breaks Through $65,000, Next Target $70,000?
Bitcoin has broken through the $65,000 resistance level, and market attention has now turned to the next target - $70,000 or even an all-time high. Although some believe the market is nearing its peak, there are no clear signs of a top from the chart's trajectory. The bull market trend persists, although market sentiment has experienced some fluctuations after the significant surge.
Many initially argued that Bitcoin was forming a double top, later shifting to a triple top. These individuals combined their subjective judgments with market sentiment and continually sought bearish factors to validate their perspective. However, market movements don't always unfold as anticipated. The market primarily exhibits three behaviors: uptrend, downtrend, and consolidation. Periods of true trend movement are often fleeting.
We cannot simply anticipate a downtrend based on post-rally consolidation, nor can we assert an uptrend after consolidation during a decline. Determining the direction after consolidation requires analyzing the strength of both bullish and bearish forces, integrating this analysis with the overall trend context.
Currently, Bitcoin's trend background is bullish, and the $65,000 level is clearly insufficient to form a top. Examining the consolidation over the past six months, the volume changes don't align with the characteristics of a top formation. Tops typically manifest as a rising price accompanied by declining volume, while downtrends exhibit increasing volume. Bitcoin's weekly chart currently portrays a slightly downward-sloping parallel channel, where the three bearish volume clusters during declines are gradually shrinking, while the three bullish volume clusters during surges continue to expand. This signifies waning bearish power and strengthening bullish strength.
Furthermore, interest rate cuts provide long-term benefits for the overall financial market, and the continuous inflow of funds into ETFs provides support for Bitcoin. Considering these factors, Bitcoin's future prospects still hold promise.
If you remain committed to the "rebound-decline" perspective, it's imperative to analyze the market objectively and not rely solely on subjective judgments.
This analysis represents personal opinions and does not constitute any investment advice.
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