Bitcoin Price: Will Weekend Rally Propel BTC to $70,000 Next?

As a seasoned analyst with over two decades of experience in the financial markets, I’ve seen my fair share of bull runs and bear markets. The latest surge in Bitcoin (BTC) price, despite the initial correction on Monday, has certainly piqued my interest.


On Sunday, the price of Bitcoin (BTC) climbed almost 4% following its local bottom set on Saturday at $62,052. This upward movement contradicted the anticipated crypto market adjustment, leading some to wonder: if this trend persists, will we see BTC reaching $70,000 or a possible correction?

In this CoinGape article, let’s find out if Bitcoin will continue its climb or crash lower.

Bitcoin Price Today is up 1.91%

Following a 4% increase during the weekend, Bitcoin’s value dipped by 1.12% at the start of trading in Asia on Monday. However, this decline was soon reversed, resulting in an additional 1.91% rise in its price today.

Bitcoin Price: Will Weekend Rally Propel BTC to $70,000 Next?

BTC Price Analysis: Is $70,000 Next Target Bitcoin?

Over the weekend, the price of Bitcoin has crept nearer to $65,000, an important resistance point. This level has acted as both support and resistance over the past three months, triggering gains of 9% and 23% following each retest. Consequently, if Bitcoin encounters this crucial barrier again, it will significantly influence whether the trend for Bitcoin will be bullish or bearish.

A weekly close above $65,000 would be considered a successful surmounting of this barrier by Bitcoin. Following this, it’s crucial for Bitcoin bulls to guard this level as it suggests stronger buyers are entering the market. If these two prerequisites are fulfilled, Bitcoin price projections indicate a prolonged uptrend.

In such a case, the next short-term target is $67,700 and $70,101. 

Bitcoin Price: Will Weekend Rally Propel BTC to $70,000 Next?

BTC’s 7-Month Historical Data Hints Reversal 

On the Bitcoin 12-hour chart, you’ll notice that the combined Open Interest (OI) of both futures and spot markets is fluctuating within a band of approximately $21 billion to $16 billion. This fluctuation aligns with significant local peaks and troughs that have appeared over the past seven months.

If historical patterns recur, it’s possible that the price of Bitcoin may reach another local peak when the Open Interest (OI) surpasses the $21 billion mark, which represents the upper boundary of the previously mentioned range.

Bitcoin Price: Will Weekend Rally Propel BTC to $70,000 Next?

In a related discussion, Axle Adler Junior, an advocate for on-chain transactions, shared his insights about OI to X. According to his findings, the Open Interest measured in Bitcoin has significantly risen over the last quarter, reaching approximately 285,000 – significantly higher than the yearly average of 257,000.

Moreover, Adler Jr. pointed out that when the 30-day Open Interest (OI) moving average crosses above the annual OI, it has often led to significant price fluctuations, typically upward. If this pattern persists, Bitcoin might close October with a positive trend.

Bitcoin Price: Will Weekend Rally Propel BTC to $70,000 Next?

Regardless of the recent uptick, the short-term outlook for Bitcoin price remains uncertain, but the long-term bullishness still remains. 

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2024-10-14 15:38