Bitcoin is lined up to have a busy week ahead as bulls target $70,000. Bitcoin left behind $68,265 and is currently trading at $69,616.47. Bitcoin traded from red to green during the weekly close and kept its best pace when Tuesday morning in Asia began in July. Bitcoin ($BTC) hit a multi-week high at $69,848 as traders turned bullish over the potential for BTC to break through resistance.
The way Bitcoin moves will break out investors’ bullishness in trading. The words of famous stock trader Jelle summarized this sentiment, who said Bitcoin could only be in a “real bull market after choppy phases,” implying last week’s volatility may have paved the way for continued upside. Its technical landscape is displaying a striking resemblance to that of Bitcoin in the last years of halving, as it pushes up against critical resistance at $70k.
Bulls turned the weekly close from red to green at $68,265, fueling gains into the July 29 Asia session. $BTC hit $69,848, a multi-week high.
Traders are optimistic as $BTC approaches key resistance. “True bull market starts after choppy phases,” says trader @CryptoJelleNL. pic.twitter.com/echjjA0SaD
— Cointelegraph (@Cointelegraph) July 29, 2024
While previous Bitcoin price movements following halving events highlight its tendency to reach new peaks, its trajectory remains unpredictable. Time and again, Bitcoin has bounced back after these halvings slashed the number of new coins brought into circulation each day.
With each halving, cutting in half the bounty provided to those who validate transactions, the rate of newly minted Bitcoins gradually slows—and this slowing supply, when met with constant or growing demand, has typically spurred staggering price climbs. Of course, external forces could intervene to impact demand and shape an alternate course, but in past cycles, a significant bull run for Bitcoin can be anticipated.
The institutional appetite for Bitcoin remains healthy, judging by sizeable inflows in digital asset investment products. Last week, Bitcoin took in $519 million, sweeping up a new record sum of $19 billion for the year. This money flow is a testament to the increasing conviction from institutional investors, which also helps reinforce such a bullish outlook. As per market observation, breaking past the resistance level could be imperative in setting a new leg upward for this bullish run of Bitcoin.
