Bitcoin buy-side volume rises as bulls continue uptrend towards $70,000
- Bitcoin price breaks back above $65,087 at the start of this week.
- BTC price gains have been accompanied by a pickup in RSI, pointing to increased buying.
- BTC bulls will reattempt to break $70,000.
Bitcoin (BTC) price has gapped higher this Monday morning on the back of positive sentiment. BTC price opened above $65,087 and saw support coming in from bulls, defending the level. The Relative Strength Index (RSI) has seen an uptick in buy-side volume, with bulls gearing up for an attempt at $70,000.
Bitcoin price could hold 5% uptick today as bulls target retest at $70,000
Bitcoin price saw bulls defending the intermediary black trend line at $62,576 on Friday. At the same time, the RSI started to flatline and there was a pickup in buy-volume from bulls stepping in. With the gap higher today, above $65,087, bulls are already seeing a pop higher.
BTC price has seen bulls successfully defend $65,087 with more inflows. Now Bitcoin bulls will probably sit on their hands before attempting a retest of $69,123. As the buy-side volume spikes expect bulls to even pop above $70,000, and then go for the next Fibonacci level at 38.2%, around $75,000.
BTC/USD daily chart
BTC price could see a slight dip below $65,087, as bears try to gap-fill the space below where price opened up higher from where it closed on Sunday night. Bulls will not be alarmed by this and possibly even expect there will be no gap-fill at all. Bears will back off even more after taking many losses and that will keep them out of the market. In such a scenario,, BTC price’s ascent could be even quicker, leading to a spike up towards $75,000.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
