{"id":634978,"date":"2024-08-13T03:30:54","date_gmt":"2024-08-13T03:30:54","guid":{"rendered":"https:\/\/wncen.com\/?p=634978"},"modified":"2024-08-12T16:25:07","modified_gmt":"2024-08-12T16:25:07","slug":"btcs-next-objective-analyst-eyes-crucial-70000-resistance-zone-for-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/btcs-next-objective-analyst-eyes-crucial-70000-resistance-zone-for-bitcoin\/","title":{"rendered":"BTC&#8217;s Next Objective? Analyst Eyes Crucial $70,000 Resistance Zone For Bitcoin"},"content":{"rendered":"<p><span style=\"font-weight: 400\">After a roller coaster ride in the market last week, Bitcoin shows endurance, bouncing back from the recent dip to $49,000 and reclaiming the $60,000 milestone as key to its continuation to the upside to regain levels lost during the last <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/crypto-liquidations-1-billion-bitcoin-crashes-52000\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">20% correction<\/span><\/a><span style=\"font-weight: 400\"> on August 5.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite facing hurdles, the largest cryptocurrency on the market continues to exhibit signs of sustaining the macro uptrend that has been prevalent since the start of the year.<\/span><\/p>\n<h2><span style=\"font-weight: 400\">\u2018Golden Buying Opportunities\u2019<\/span><\/h2>\n<p><span style=\"font-weight: 400\">In a recent <\/span><a href=\"https:\/\/x.com\/DrProfitCrypto\/status\/53604203\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">analysis <\/span><\/a><span style=\"font-weight: 400\">highlighting Bitcoin&#8217;s price action and technical outlook, crypto analyst Doctor Profit shared insights that reveal market sentiment following the recent tumultuous trading week.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Doctor Profit noted that major players like BlackRock and Fidelity showed confidence by maintaining their positions in the Bitcoin ETF market and adding more BTC to their portfolios.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">This sentiment was further echoed by the steady and healthy <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-hashrate-nears-record-levels-amidst-price-decline-details\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">inflows <\/span><\/a><span style=\"font-weight: 400\">and outflows observed in ETF activities, showcasing a lack of extreme reactions from investors despite the correction experienced last week.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/xrp\/xrp-price-support-0-550\/\" target=\"_blank\" rel=\"noopener \">XRP Price Reaches Support: Will It Trigger a Turnaround?<\/a><\/div>\n<p><span style=\"font-weight: 400\">Another key point of focus in Doctor Profit&#8217;s analysis was the behavior of whales in the market. These holders accumulated 400,000 BTC within 30 days, equivalent to 2% of the total Bitcoin supply.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, these entities capitalized on the market dip, showcasing a &#8220;smart money&#8221; approach by strategically adding to their positions during the Monday drop.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Regarding <\/span><a href=\"https:\/\/wncen.com\/bitcoin-news\/trump-floats-bitcoin-payments-as-solution-to-35-trillion-us-debt-crisis\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">price action<\/span><\/a><span style=\"font-weight: 400\"> and technical analysis, Doctor Profit emphasized the importance of understanding the market range within which Bitcoin oscillates throughout the year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The analyst asserted that dips between $60,000 and $50,000 present \u201cgolden buying opportunities,\u201d with each descent below the bottom of the range signifying a chance to accumulate assets at favorable prices.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Bitcoin Price Forecast<\/span><\/h2>\n<p><span style=\"font-weight: 400\">Looking ahead, Doctor Profit continues to believe that the $69,000-$70,000 diagonal resistance is the primary target for Bitcoin.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Despite the potential challenges posed by the 50-day exponential <\/span><a href=\"https:\/\/wncen.com\/toncoin-ton\/toncoin-rally-thwarted-as-ton-slips-to-6-can-bulls-prevent-a-bearish-breakdown\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">moving average <\/span><\/a><span style=\"font-weight: 400\">(EMA) and 200-day moving average (MA) resistances between $60,000 and $62,000, respectively, the analyst expresses confidence in overcoming these hurdles soon.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the analyst also stated that a possible brief pullback to the $54,000-$55,000 area is seen as a temporary setback that could weed out weaker hands from the market.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/ustc\/ustc-preps-explosive-360-run\/\" target=\"_blank\" rel=\"noopener \">USTC Preps For Explosive 360% Run, Crypto Analyst Reveals When<\/a><\/div>\n<p><span style=\"font-weight: 400\">This week is also poised to bring heightened market activity, with pivotal economic data releases such as the producer price index (PPI) and consumer price index (CPI) numbers expected to inject <\/span><a href=\"https:\/\/wncen.com\/analysis\/solana-price-sol-slips-140\/\" target=\"_blank\" rel=\"noopener \"><span style=\"font-weight: 400\">volatility <\/span><\/a><span style=\"font-weight: 400\">into the market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">According to Doctor Profit&#8217;s analysis, these developments could set the stage for significant movements and potentially influence the direction of future interest rate cuts by the US Federal Reserve in September.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Doctor Profit believes the inflation data may exceed expectations, potentially paving the way for rate adjustments at the upcoming Federal Open Market Committee (FOMC) meeting.<\/span><\/p>\n<figure style=\"width: 1815px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-large\" src=\"https:\/\/www.tradingview.com\/x\/5IMytoUG\/\" alt=\"Bitcoin\" width=\"1815\" height=\"858\"><figcaption class=\"wp-caption-text\">The daily chart shows BTC&#8217;s price consolidation between $58,000 and $60,000 over the weekend. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/7W2R5XTA\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">At the time of writing, BTC has briefly lost the $60,000 mark, falling over 1% in the last 24 hours to a current trading price of $59,450.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Featured image from DALL-E, chart from TradingView.com<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After a roller coaster ride in the market last week, Bitcoin shows endurance, bouncing back from the recent dip to $49,000 and reclaiming the $60,000 milestone as key to its continuation to the upside to regain levels lost during the last 20% correction on August 5.\u00a0 Despite facing hurdles, the largest cryptocurrency on the market continues to exhibit signs of sustaining the macro uptrend that has been prevalent since the start of the year. \u2018Golden Buying Opportunities\u2019 In a recent analysis highlighting Bitcoin&#8217;s price action and technical outlook, crypto analyst Doctor Profit shared insights that reveal market sentiment following the recent tumultuous trading week.\u00a0 Doctor Profit noted that major players like BlackRock and Fidelity showed confidence by maintaining their positions in the Bitcoin ETF market and adding more BTC to their portfolios.\u00a0 This sentiment was further echoed by the steady and healthy inflows and outflows observed in ETF activities, showcasing a lack of extreme reactions from investors despite the correction experienced last week. Related Reading: XRP Price Reaches Support: Will It Trigger a Turnaround? Another key point of focus in Doctor Profit&#8217;s analysis was the behavior of whales in the market. These holders accumulated 400,000 BTC within 30 days, equivalent to 2% of the total Bitcoin supply.\u00a0 Notably, these entities capitalized on the market dip, showcasing a &#8220;smart money&#8221; approach by strategically adding to their positions during the Monday drop.\u00a0 Regarding price action and technical analysis, Doctor Profit emphasized the importance of understanding the market range within which Bitcoin oscillates throughout the year.\u00a0 The analyst asserted that dips between $60,000 and $50,000 present \u201cgolden buying opportunities,\u201d with each descent below the bottom of the range signifying a chance to accumulate assets at favorable prices.\u00a0 Bitcoin Price Forecast Looking ahead, Doctor Profit continues to believe that the $69,000-$70,000 diagonal resistance is the primary target for Bitcoin.\u00a0\u00a0 Despite the potential challenges posed by the 50-day exponential moving average (EMA) and 200-day moving average (MA) resistances between $60,000 and $62,000, respectively, the analyst expresses confidence in overcoming these hurdles soon.\u00a0 However, the analyst also stated that a possible brief pullback to the $54,000-$55,000 area is seen as a temporary setback that could weed out weaker hands from the market. Related Reading: USTC Preps For Explosive 360% Run, Crypto Analyst Reveals When This week is also poised to bring heightened market activity, with pivotal economic data releases such as the producer price index (PPI) and consumer price index (CPI) numbers expected to inject volatility into the market.\u00a0 According to Doctor Profit&#8217;s analysis, these developments could set the stage for significant movements and potentially influence the direction of future interest rate cuts by the US Federal Reserve in September.\u00a0 Doctor Profit believes the inflation data may exceed expectations, potentially paving the way for rate adjustments at the upcoming Federal Open Market Committee (FOMC) meeting. At the time of writing, BTC has briefly lost the $60,000 mark, falling over 1% in the last 24 hours to a current trading price of $59,450.\u00a0 Featured image from DALL-E, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":626185,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,485,656,679,755,1119,1122,1144,78790,6664,14690,1558],"class_list":["post-634978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-technical-analysis","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-news","tag-cryptocurrency"],"acf":[],"yoast_head":"\n<title>BTC&#039;s Next Objective? 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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. 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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. Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge. With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. 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