Bitcoin price broke through a key resistance level early Monday morning, setting the momentum for a move above the $70,000 level. This price recovery comes after the conclusion of a successful three-day conference in Nashville that saw major political figures deliver optimistic keynotes that influenced Bitcoin and the crypto industry in general.
BTC price increased by 2.5% in the last 24 hours to trade at $69,859. This price increase impacted the general market, sparking significant double-digit increases in Bitcoin Cash (BCH), Bitcoin Satoshi's Vision (BSV), and Book of Meme (BOME).
After the 2024 Bitcoin Conference, market participants increased their confidence in Bitcoin's future, according to Santiment. Based on data from a blockchain analysis firm, Santiment is bullish on Bitcoin.
Bitcoin's Fear & Greed Index is at 74 (Greed), indicating the market may be heading into a sell zone at the peak.
The Bitcoin price chart shows a strong bullish trend, rising above key moving averages and resistance levels. Price bounced off the 50-day EMA on July 25 and made higher lows over the next four days to above $69,000. BTC is in a larger consolidation zone between $60,000 and $73,700, and is now heading towards the end of the range.
The Bitcoin price forecast shows a breakout above recent highs, and the key resistance level of $73,700 may set a new all-time high (ATH) for the asset and launch it into the price discovery zone. On the other hand, if market conditions turn bearish, BTC price may find support near the 50-day EMA ($64,315) and also around the previous consolidation and 200-day EMA ($59,380).
The Relative Strength Index (RSI) is at 67.47, approaching an overbought indication but showing strong bullish momentum. Coinalyze's BTC open interest (OI) aggregate is up by 8.25%, but interestingly, volume has generally decreased to a recent low of around $63,400. This price volume divergence may signal a potential correction soon.
