Bitcoin

Bull Market

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<ul>
 <li>BTC is teetering on the verge of a significant upswing or a considerable downturn.</li>
 <li>A significant surge to the upside is likely after BTC’s price consolidation phase is over.&nbsp;</li>
 <li>Bitcoin needs to rise above the $69,000 critical threshold for guaranteed ascension.</li>
</ul>
<p><a href="https://bitcoin.org/en/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> has historically been marked by intense volatility and significant price swings. Currently, BTC is teetering on the edge of either a substantial upswing or a considerable downturn. Understanding the <a href="https://cryptonewsland.com/trumps-endorsement-of-bitcoin-mining-sparks-stock-surge-in-market-btc-price-remains-unphased/" target="_blank" rel="noopener noreferrer nofollow">factors that shape BTC’s trajectory</a> and its history can shed light on what the future holds.</p>
<p>Bitcoin experienced significant growth in the first quarter of the year. BTC’s price surged by 196.2% from a Sept 2023 low of $24,919 to a high of $73,805 in March 2024.&nbsp;</p>
<p>Despite this remarkable performance, the price of BTC has been trending sideways in the last 45 days, fluctuating between $57,073 and $72,500. According to analysts, Bitcoin is trending sideways because it’s in the re-accumulation phase.&nbsp;</p>
<h2 class="wp-block-heading" id="h-bitcoin-could-be-in-the-re-accumulation-phase-nbsp">Bitcoin Could be in the Re-accumulation Phase&nbsp;</h2>
<p>The <a href="https://stockcharts.com/articles/wyckoff/2022/03/distribution-or-reaccumulation-699.html" target="_blank" rel="noopener noreferrer nofollow">re-accumulation phase</a> is typically characterized by a tug-of-war between buyers and sellers, leading to price oscillations within a defined bracket.</p>
<p>Bitcoin has persistently tested the upper bounds of this bracket but has been rebuffed each time, with only fleeting spikes piercing the resistance.</p>
<p>Traditionally, Bitcoin undergoes a consolidation period of approximately 150-160 days following a halving event before it experiences a significant breakout. Considering we’re only 2 months beyond the latest halving, it’s hardly surprising that Bitcoin hasn’t soared past its range peaks yet.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a> <br><br>The fact that Bitcoin is struggling to breakout is beneficial for the overall cycle<br><br>Bitcoin has never broken out this early in the Post-Halving period<br><br>If it did, the cycle would be accelerated to such a point that the Bull Market would simply be shorter than usual<br><br>This… <a href="https://t.co/cQHKWy7hPE" rel="noopener noreferrer nofollow">pic.twitter.com/cQHKWy7hPE</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1801298871437373828?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 13, 2024</a>
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<h2 class="wp-block-heading" id="h-the-criticality-of-the-69-000-threshold-nbsp">The Criticality of the $69,000 Threshold&nbsp;</h2>
<p>The $69,000 threshold has become a crucial front in the battle for Bitcoin’s value. Recent market movements reveal that Bitcoin’s advocates have faced difficulties in sustaining levels above this mark.</p>
<p>The retreat from the $69,000 mark and the ensuing fall beneath the 21-day moving average have sounded the alarm on Bitcoin’s near-term direction. At present, Bitcoin is valued at $67,142.09, having declined by 0.73% in the last 24 hours. This downward trend has extended over the past week, with the cryptocurrency diminishing by 5.94%.&nbsp;</p>
<p><a href="https://cryptonewsland.com/bitcoin-spot-etf-surges-record-inflows-726-million-mark-driving-market-momentum-and-investor-fervor/" target="_blank" rel="noopener noreferrer nofollow">Spot Bitcoin ETFs</a> have also not been performing as expected, reflecting BTC’s struggles. Meanwhile, the market is witnessing a surge in activity, with Bitcoin’s 24-hour trading volume reaching $31.2 billion, a jump of 89.87%.</p>
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/algos-price-holds-steady-at-key-support/" rel="noopener noreferrer nofollow">ALGO’s Price Holds Steady at Key Support, Indicating Potential Re-Accumulation Phase</a></li>
 <li><a href="https://cryptonewsland.com/crypto-investors-eye-re-accumulation-phase-amid-bull-run-anticipations/" rel="noopener noreferrer nofollow">Crypto Investors Eye Re-Accumulation Phase Amid Bull Run Anticipations</a></li>
 <li><a href="https://cryptonewsland.com/xrp-analyst-predicts-bull-run-with-10-to-15-threshold/" rel="noopener noreferrer nofollow">XRP: Analyst Predicts Bull Run with $10 to $15 Threshold</a></li>
 <li><a href="https://cryptonewsland.com/analyst-unveils-positive-xrp-outlook-support-threshold-at-0-60/" rel="noopener noreferrer nofollow">Analyst Unveils Positive XRP Outlook: Support Threshold at $0.60</a></li>
 <li><a href="https://cryptonewsland.com/xrp-crosses-bullish-threshold-potential-soar-to-0-70/" rel="noopener noreferrer nofollow">XRP Crosses Bullish Threshold: Potential Soar to $0.70?</a></li>
</ul>
<p>The post <a href="https://cryptonewsland.com/btc-is-re-accumulating-for-the-golden-bull-rally-analysts-share-insights/" rel="noopener noreferrer nofollow">BTC Is Re-accumulating for the Golden Bull Rally, Analysts Share Insights</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

BTC Is Re-accumulating for the Golden Bull Rally, Analysts Share Insights

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