• Advertise with us
  • Pricing
  • Submit News
Instagram Twitter Facebook Telegram Youtube Linkedin
EdaFace Newsfeed
EdaFace Newsfeed EdaFace
  • News
    • Price Analysis

    Main News

    • Crypto News
    • Bitcoin and BTC
    • Altcoin News
    • Security & Hacks
    • ICO & Token Sales
    • Interviews & Profiles

    Information

    • Press Release
    • Research Report
    • Regulations, Law & Policy
    • Community/Guest Post
    • Events & Conferences
    • Tutorials & Guides

    Market

    • Technical Analysis
    • Price Analysis
    • Cryptocurrency Price Prediction
    • DeFi (Decentralized Finance)
    • Mining & Staking

    Other Categories

    • NFTs & Digital Art
    • Opinion & Editorials
    • Tech Innovations
  • Cryptocurrencies
    • Coin Ranking
    • Trending
    • EDA Token
  • Exchanges
    • Spot
    • Derivatives
    • DEX
    • EDA Plantation
  • Verification Centre
    • Rug Pull Check
    • Blockchain Ecosystem
    • EDA Token
  • MarketPlaces
    • NFT Marketplace
    • Digital Literature
    • Digital Mall
    • P2P Market
    • Metaverse
  • EDA Academy
More
  • News
    • Price Analysis
  • Cryptocurrencies
    • Coin Ranking
    • Trending
    • EDA Token
  • Exchanges
    • Spot
    • Derivatives
    • DEX
    • EDA Plantation
  • Verification Centre
    • Rug Pull Check
    • Blockchain Ecosystem
    • EDA Token
  • MarketPlaces
    • NFT Marketplace
    • Digital Literature
    • Digital Mall
    • P2P Market
    • Metaverse
  • EDA Academy
Reading: Poised to Break Major Resistance, BTC Targets Levels Above $70K
Share
Sign In
EdaFace Newsfeed
EdaFace Newsfeed EdaFace
EdaFace Newsfeed > Latest News > Crypto News > Poised to Break Major Resistance, BTC Targets Levels Above $70K
Crypto News

Poised to Break Major Resistance, BTC Targets Levels Above $70K

vitalclick
Last updated: August 21, 2024 1:55 am
5 months ago
Share
SHARE

Bitcoin is showing a new short-term bullish signal, as evidenced by a short squeeze and extremely negative funding rates. According to analyst Josh of Crypto World, as of now, bullish move appears to be unfolding.

He said that not much has changed over the last day. Bitcoin’s price remains between support at just above $53,000 and resistance around $68,000. This range still shows a bearish trend, with lower highs and lows. Major support zones include $56,000 to $57,000 and $51,000 to $53,000.

Here’s a breakdown of Bitcoin charts by the analyst:

Bitcoin is close to breaking above resistance levels between $60,000 and $61,000. Beyond this, there are further resistance points at $62.8k to $63k, and a significant level between $67,000 and $68.3k. A breakout above these levels could turn previous resistance into new support.

Bitcoin recently bounced from a support line, indicating a potential bullish move. Historically, such bounces have led to short-term relief in price. The coin is currently removing liquidity above $60,000. He said that one still need to watch liquidity around $61.9k to $62.1k.

Why Are Funding Rates Important Factor?

Funding rates are a critical aspect to consider. Currently, they are extremely negative, which means that most traders are shorting Bitcoin. Negative funding rates indicate a high demand for short positions and a low interest in long positions. This situation often leads to a scenario where the minority—those holding long positions—benefit, as negative funding rates require short sellers to pay fees to long holders. Negative funding rates suggest most traders are bearish, which could lead to upward pressure if short positions are liquidated.

You Might Also Like

What’s Next After 17% Dip?

Harris To Support Digital Asset Policies To Ensure Crypto Industry Growth, Says Campaign Advisor

What Should You Buy for Long-Term Profits?

Second Assassination Attempt on Trump Causes Bitcoin to Drop

Digital Currency Group Settles Debts, Focuses on New Grayscale Products

TAGGED:CryptoNews
Share This Article
Facebook Twitter Email Print
Previous Article How Regulatory Actions Impact Crypto Centralised Exchanges: A Case Study Analysis
Next Article Polygon (MATIC) & GALA Tokens Eye For A 20% Bullish Reversal?
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Crypto Live Widget

Follow for Live Updates
Subscribe to our newslettern

Get Newest Articles Instantly!

- Advertisement -
Ad imageAd image
Popular News
Cryptocurrency Regulation in Russia : Blockchain Development
Current Cryptocurrency Regulations in India
Explore Cryptocurrency Regulation in South Korea
2 Altcoins Win Trial
Claimed Bitcoin Inventor Craig Wright Gets Shocked in Court! His Assets Are Frozen

Company

  • Vision
  • Mission
  • LitePaper
  • Whitepaper
  • Core Values
  • Branding
  • Teams
  • Career Listing
  • FAQ
  • Welfare Donations

Products

  • EDA Token
  • Blockchain Literature
  • EdaFace Dex
  • EdaFace Mall
  • Listing Platforms
  • Newsfeed
  • NFT Marketplace
  • P2P Market
  • Scam Verification Centre
  • School of Crypto

Legal

  • Term of Use
  • Privacy Policy
  • Disclaimer
  • Listing T&C
  • Listing Platforms
  • Eda Token Policy

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

EdaFace

About US

EdaFace is a user interface aggregator that brings all the various functionalities of the crypto industry onto a single platform! You can advertise, launch and crowdfund your crypto project via EdaFace Launchpad and Newsfeed.

Contact us: support@edaface.com

Follow us

Instagram Twitter Facebook Telegram Youtube Linkedin

Copyright © 2022 – 2024. EdaFace is a product of Emerging Digital Age (EDA) Pty Ltd. All Rights Reserved.

Join Us!
Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.
EdaFace
Welcome Back!

Sign in to your account

Lost your password?