Bitcoin Close To $70K; Will It Break Its ATH?

Analysts Are Looking Positive On Bitcoin

Bitcoin approached the $70,000 mark on July 29, reaching a seven-week high of $69,775 during Asia trading hours. This brought it within 5.7% of its all-time high of $73,757, set on March 14. The last time Bitcoin traded this high was on June 13, when it hit $70,000 but faced resistance and pulled back.

Moreover, analysts are also giving their positive outlook on the Bitcoin. The popular analyst PlanB stated in their latest X post that, "Miner revenue bottomed after April 2024 halving.

I expect Bitcoin price to double from today in 3-5 months." An another analyst named Titan of Crypto followers on X that Bitcoin reaching $110,000 is inevitable. He explained that the cryptocurrency is "breaking out from the handle" of a cup and handle chart pattern, suggesting a significant upward trend.

Bitcoin Futures’ Open Interest Spiked Up

Bitcoin futures' open interest has hit a new all-time high of $39.46 billion, surpassing the previous record of $39.03 billion set on March 29, 2024. This metric, which tracks the total number of open positions, indicates growing investor demand for Bitcoin. The increased interest and liquidity suggest that a price breakout to new record highs could be imminent.

Furthermore, the popular crypto expert ALI charts highlighted that " 55% of accounts with open $BTC positions in Binance Futures are currently shorting Bitcoin". In the next, he also addressed that a lot of people are shorting Bitcoin. So, $74.83 Million will be liquidated if $BTC surges to $70,356.

Will Bitcoin Break the $73,757 Level?

On the daily technical chart, Bitcoin price is trading in the extremely bullish zone beyond the 50-day and 200-day exponential moving averages suggesting a breakout above 70K is imminent. 

The RSI curve is also trading near the overbought zone at 67.60 above the 14 SMA line suggesting bullish moves in upcoming sessions. Moreover, the MACD was also giving a positive outlook. The MACD line and the signal line formed a bullish cross and traded in the bullish zone with green histograms. 

At the time of writing Bitcoin was trading at $69,688 with a market cap of 1.38 Trillion and the past 24 hours trading volume was 24.07 Billion. If the price breaks the $73,757 level in upcoming sessions then it could start a new bullish rally.

Conclusion

Bitcoin is close to reaching its all-time high, which is attributed to the positive market sentiment and strong technical performance. Picking up on the analysts’ call for a higher price range and the open interest in the Bitcoin futures, the cryptocurrency is set for a breakout. The $73,757 level is the focus of investors since its break can lead to a new bullish run.

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