Bitcoin’s price is up nearly 2.7% today, slowly recovering from the Strategy’s $216 million Bitcoin sale earlier this week.
As of now, BTC is trading above last week’s high and approaching the key resistance level at $65,543. Popular crypto trader Michael van de Poppe believes that Bitcoin is gaining momentum and does not expect the market to decline from this point.
This is why.
Bitcoin registered a strong recovery
The largest cryptocurrency, Bitcoin, has finally returned above last week’s price high and is now trading around $64,410. Popular crypto analyst Michael van de Poppe believes the recent price action shows growing strength.
“More strength is coming into BTC. That’s a great move, and I don’t expect the markets to fall here.”
The daily BTC chart also supports this view.
If you look at it, Bitcoin has bounced back from the recent downtrend line and is trying to reclaim the 100-day moving average while remaining above the $60,876 support zone.
If buyers remain in control, the next big target is around $65,500-$66,000, with a possible move towards the $70,000 level in the next one to two weeks.
Bollinger Bands tighten and indicate a bigger move
Well-known crypto analyst That Martini Guy be too to a new bullish signal.
The Bollinger Bands have started to tighten again after almost a week of sideways trading. Historically, periods of lower volatility are often followed by sharp price movements.
According to the analyst, the main task for Bitcoin now is to convert $64,000 into support.
If that happens, BTC could quickly challenge $65,543 before heading towards $70,000.
Selling Pressure Eases for Bitcoin, Cryptoquant
CryptoQuant Analyst Axel Adler Jr. sees a similar picture from Bitcoin’s on-chain data.
According to its Short-Term Holder Realized Pressure Model, selling pressure in the spot market continues to decline while buying activity increases.
The STH chart shows that during the recent decline towards $62,000-$63,000, buying pressure once again outweighed selling pressure.
The chart shows that buyers remain in control, with buying pressure around 30%, compared to around 22% selling pressure.
Adler noted that short-term bondholders are buying the recent dip, similar to what happened earlier this year. Meanwhile, new buyers are still making a small profit and creating the nearest support zone around $63,600.
If buyers can successfully push BTC above $65,500, analysts believe the path to $70,000 could open much sooner.
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