Bitcoin is All Set to Achieve $70k and it’s Happening Soon!

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Bitcoin once again has started its walk towards $70,000. The largest crypto has faced multiple failed attempts in crossing the $69,000 which is a major resistance of this zone. Currently trading at $68,905, the investors are trying to bring BTC over $69k. Let’s discover what has been happening in the market recently.

Exploring Bitcoin Chart

The four hourly chart of BTC shows the presence of moving averages 20 and 50 at $67,500, which is just below the current weak support area. Bitcoin has already fallen from this level twice. It is yet to cement this support zone so that it can start to move towards the next levels without fears of dropping sharply. 

The MACD histogram shows a rise in bullish power in the market. The MACD line has surpassed the Signal line, supporting the histogram. On the other hand, RSI has also risen to 67 points which confirms the market is filled with positive sentiments.

Other BTC Metrics

If we look at the liquidity chart, we can see a high saturation of whales putting a lot of short orders above the current price zone. This will result in draining the green power. It looks like whales are still not ready to see btc crossing this zone yet. However, if the crypto can survive above the $68,300 zone, it will be helpful in solidifying the support. 

The liquidity heat map shows presence of high liquidity above this zone signaling the asset will move in the upwards direction.  The long and short ratio shows people are interested in opening more shorts which supports the positive sentiment we talked about earlier. Currently the ration stands at 1.0492 meaning there are more longs open as compared to shorts.

Another important aspect of this analysis is the rekt data for the last 24 hours. During this time period over 52,000 traders lost their trades. They lost a total of $107.36 million in crypto funds to the market. Major thing to note is that in the last one hour from a total of $9.89 million liquidated a total of $7.19m worth of trades were longs. 

Looking Ahead

Even though Bitcoin faced rejection in one more attempt to cross $69,000 it is worthy to note that as October is in its last days, investors will try to push btc. In short terms, the crypto might face some difficulties however it’s just a matter of days when btc will hit and cross the $70,000.