{"id":610110,"date":"2024-05-28T04:00:02","date_gmt":"2024-05-28T04:00:02","guid":{"rendered":"https:\/\/wncen.com\/?p=610110"},"modified":"2024-06-11T07:02:59","modified_gmt":"2024-06-11T07:02:59","slug":"parabolic-rally-in-the-making-bitcoin-regains-70000-as-traders-paper-profits-collapse-to-3","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/parabolic-rally-in-the-making-bitcoin-regains-70000-as-traders-paper-profits-collapse-to-3\/","title":{"rendered":"Parabolic Rally In The Making? Bitcoin Regains $70,000 As Traders’ Paper Profits Collapse To 3%"},"content":{"rendered":"

The world’s largest cryptocurrency, Bitcoin (BTC), has been consolidating over the past week, trading between $67,000 and $70,000 after experiencing a brief 20% price correction that sent it as low as $56,400 in early May.\u00a0<\/span><\/p>\n

This <\/span>consolidation period<\/span><\/a> comes as inflows into the US spot Bitcoin ETF market have reignited, and selling pressure appears to have cooled off, both in the ETF market and among Bitcoin investors more broadly.<\/span><\/p>\n

Bitcoin Selling Pressure Fades<\/span><\/h2>\n

According <\/span><\/a>to Julio Moreno, head of research at on-chain market analytics firm CryptoQuant, the current Bitcoin price level of $70,000 differs from when it last reached that mark in March.\u00a0<\/span><\/p>\n

Moreno notes that traders are now exerting much lower selling pressure, as unrealized profits are only around 3%, compared to 69% in early March. This suggests that much of the \u201cheavy selling\u201d has been exhausted, as seen in the chart below.<\/span><\/p>\n

Related Reading: DeFiance Capital Foresees ETH Soaring To $4,500 Pre-Ethereum ETF Trading<\/a><\/div>\n
\"Bitcoin
Unrealized gains for BTC holders are only 3%. Source: Julio Moreno on X<\/a><\/figcaption><\/figure>\n

Santiment <\/span>data <\/span><\/a>also shows that Bitcoin has once again eclipsed a $70,000 market capitalization, even as the US stock market took a hiatus for the Memorial Day holiday.\u00a0<\/span><\/p>\n

Market intelligence platform Santiment sees this as an encouraging sign, as it demonstrates BTC\u2019s ability to perform positively on days when it is not closely correlated with the primary <\/span>stock market<\/span><\/a>, which has been the case for much of 2022.<\/span><\/p>\n

Final Pre-Breakout Consolidation Phase<\/span><\/h2>\n

Despite this positive momentum, crypto analyst Rekt Capital has <\/span>noted <\/span><\/a>that Bitcoin’s latest weekly candle closed below the range high resistance of its ongoing “re-accumulation” phase, which spans roughly $60,000 to $70,000.<\/span>
\n<\/span><\/p>\n

This likely sentences the leading cryptocurrency to further consolidation within this range, aligned with Rekt Capital’s <\/span>thesis <\/span><\/a>that two phases remain in the current bull cycle: the post-halving re-accumulation phase and the \u201cparabolic rally phase.\u201d<\/span><\/p>\n

Historically, Bitcoin has tended to consolidate around all-time highs before embarking on the most illustrative stretch of its bull cycles. According to the analyst, Bitcoin has indeed been consolidating<\/a> at these highs for quite some time now, especially by the standards of previous cycles<\/span>.\u00a0<\/span><\/p>\n

While there is still room for further sideways trading at these elevated price levels, the time remaining in this phase is slowly running out. This leads to the belief that the long-awaited <\/span>post-Halving<\/span><\/a> rally, coupled with renewed investor sentiment, is poised to take the largest cryptocurrency on the market to even higher levels than the current $73,700 reached in mid-March.<\/span><\/p>\n

Related Reading: Crypto Analyst Predicts 28,900% Rally To $154 For XRP Price, Here\u2019s When<\/a><\/div>\n

As such, Bitcoin appears to be entering a critical juncture in its current bull cycle. The consolidation and<\/span> re-accumulation<\/span><\/a> that has dominated the market in recent months could soon give way to the next parabolic surge, should historical patterns hold.\u00a0<\/span><\/p>\n

\"Bitcoin
The 1-D chart shows BTC’s price consolidation. Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

As of now, BTC has gained 2% in the past 24 hours, adding to its 10% positive movement in the past month alone. Bitcoin is currently trading at $70,200.\u00a0<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

The world’s largest cryptocurrency, Bitcoin (BTC), has been consolidating over the past week, trading between $67,000 and $70,000 after experiencing a brief 20% price correction that sent it as low as $56,400 in early May.\u00a0 This consolidation period comes as inflows into the US spot Bitcoin ETF market have reignited, and selling pressure appears to have cooled off, both in the ETF market and among Bitcoin investors more broadly. Bitcoin Selling Pressure Fades According to Julio Moreno, head of research at on-chain market analytics firm CryptoQuant, the current Bitcoin price level of $70,000 differs from when it last reached that mark in March.\u00a0 Moreno notes that traders are now exerting much lower selling pressure, as unrealized profits are only around 3%, compared to 69% in early March. This suggests that much of the \u201cheavy selling\u201d has been exhausted, as seen in the chart below. Related Reading: DeFiance Capital Foresees ETH Soaring To $4,500 Pre-Ethereum ETF Trading Santiment data also shows that Bitcoin has once again eclipsed a $70,000 market capitalization, even as the US stock market took a hiatus for the Memorial Day holiday.\u00a0 Market intelligence platform Santiment sees this as an encouraging sign, as it demonstrates BTC\u2019s ability to perform positively on days when it is not closely correlated with the primary stock market, which has been the case for much of 2022. Final Pre-Breakout Consolidation Phase Despite this positive momentum, crypto analyst Rekt Capital has noted that Bitcoin’s latest weekly candle closed below the range high resistance of its ongoing “re-accumulation” phase, which spans roughly $60,000 to $70,000. This likely sentences the leading cryptocurrency to further consolidation within this range, aligned with Rekt Capital’s thesis that two phases remain in the current bull cycle: the post-halving re-accumulation phase and the \u201cparabolic rally phase.\u201d Historically, Bitcoin has tended to consolidate around all-time highs before embarking on the most illustrative stretch of its bull cycles. According to the analyst, Bitcoin has indeed been consolidating at these highs for quite some time now, especially by the standards of previous cycles.\u00a0 While there is still room for further sideways trading at these elevated price levels, the time remaining in this phase is slowly running out. This leads to the belief that the long-awaited post-Halving rally, coupled with renewed investor sentiment, is poised to take the largest cryptocurrency on the market to even higher levels than the current $73,700 reached in mid-March. Related Reading: Crypto Analyst Predicts 28,900% Rally To $154 For XRP Price, Here\u2019s When As such, Bitcoin appears to be entering a critical juncture in its current bull cycle. The consolidation and re-accumulation that has dominated the market in recent months could soon give way to the next parabolic surge, should historical patterns hold.\u00a0 As of now, BTC has gained 2% in the past 24 hours, adding to its 10% positive movement in the past month alone. Bitcoin is currently trading at $70,200.\u00a0 Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":610112,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,85533,485,532,91160,656,679,6481,755,768,1119,1122,1144,8390,78790,6664,14690],"class_list":["post-610110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bull-run","tag-bitcoin-chart","tag-bitcoin-etf","tag-bitcoin-etf-rally","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-rally","tag-bitcoin-technical-analysis","tag-bitcoin-trading","tag-btc","tag-btc-price","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-crypto-news"],"acf":[],"yoast_head":"\nParabolic Rally In The Making? 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. 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