- Bitcoin is poised to reach $74,000 in the coming days if it continues to stay within the ascending channel.
- On October 17, the BlackRock Bitcoin ETF increased its BTC holdings by an additional $309 million.
- The recent BTC price movements may be establishing a bull flag ahead of a potential double top, placing investors at a critical juncture.
- Bitcoin’s trajectory could either rally to $74,000 or plummet to $62,000, depending on which formation concludes first.
Following a recent surge to $68,000, Bitcoin is targeting the $74,000 mark. Concurrently, BlackRock is actively acquiring Bitcoin, having added over $309 million to its holdings yesterday. Will BTC’s price reclaim its previous all-time high and advance beyond it?
According to data from Soso Value, the BlackRock Bitcoin ETF recorded an additional $309 million in BTC on October 17, resulting in over $1 billion added to its portfolio this week.
Their purchasing spree has aligned with a surge in Bitcoin’s price. On Monday, they acquired $79 million worth of BTC while the price fluctuated around $62,800. In just four days, they have amassed over $930 million, likely contributing to a price increase of more than $4,800 for BTC.
Today’s Bitcoin Price Statistics
- Bitcoin Market Cap Dominance: 55.1% ⬆
- Bitcoin Market Cap: $1.331 trillion ⬆
- Circulating Supply: 19.766 million ⬆
- Percentage Mined: 94.13%
Previous Bitcoin Price Insights
In last week’s market overview, Bitcoin displayed mixed signals. A potential double bottom on the 12-hour chart hinted at a bullish reversal, though significant resistance loomed around the $62,000 mark.
Ultimately, buyer strength prevailed, driving the price past the neckline ($64,000) and surpassing the local high ($67,000) established in late September.
Currently, BTC is up 1.4% in the last 24 hours, trading at $67,742. Meanwhile, the overall crypto market has dipped 0.7%, resting at around $2.431 trillion.
Focus on $74,000, But There Are Unknowns
Bitcoin is trading within a clearly defined ascending channel, having rebounded off the lower boundary (approximately $56,000) multiple times and now targeting the upper boundary, indicating ongoing bullish momentum. This trajectory suggests an upward pressure that could persist as long as BTC stays confined within this channel.
However, the possibility of a double top formation looms—a bearish reversal pattern—keeping investors uncertain, as whichever scenario resolves first will influence Bitcoin’s next move. The recent price increases in BTC have largely been fueled by BlackRock’s acquisition spree; should their buying lag, traders might seek to lock in profits.
Support and Resistance Levels
- $62,000 — This support area has seen prior testing, reflecting significant buyer interest and acting as a crucial support level going forward.
- $70,000 — This serves as the next resistance and the upper limit of the channel, a likely target for BTC shortly.
- $72,000 – $74,000: There is additional potential for growth past $70,000 if the channel’s upper resistance is breached.
Recent price movements have exhibited bullish engulfing candles, suggesting a strong entry of buyers.
According to data from Coinglass, traders maintain an overwhelmingly bullish outlook on Bitcoin across daily, weekly, and monthly intervals. With $8.5 billion in Longs versus $3.4 billion in Shorts, this discrepancy indicates a dominant bullish sentiment as traders foresee a rise in BTC.
An in-depth look at the liquidation map indicates solid support between $63,222 and $67,374, with the largest leveraged long positions concentrated around $64,260, $64,779, and $65,298. This setup suggests that BTC will likely struggle to dip below this range unless a significant negative economic event occurs.
If Bitcoin’s price consolidates or retraces modestly from its current level, it could present a favorable entry opportunity around $65,000 – $66,000. Conversely, should bearish forces accelerate, BTC could decline to $64,000, aligning with the neckline of the earlier double bottom.
Using stop-losses beneath the $64,000 neckline could help manage risk should the current market movement prove to be a false breakout. Additional selling pressure may further weaken BTC’s value, pushing it down to the $62,000 support level.
DISCLAIMER: The content in this article is based on current developments, technical analyses, company announcements, and the author’s insights. It may include inaccuracies, and it is advisable not to make any investment decisions solely based on this information.
