Are Bitcoin Bulls Gearing Up for an Imminent $70K Run?

• Bitcoin gained by 3%, trading at $65.3K.
• BTC has entered into the greed zone in the market.

The beginning of September was crucial for Bitcoin (BTC) which failed to flaunt notable price movements. BTC has faced difficulty maintaining a rally above the $58K mark. The recent price momentum suggests that the leading cryptocurrency might be on the verge of a brief bullish trend. 

The bears continue restraining the bulls from making a vital move, and the asset is at a critical juncture, with its price hovering around $65,000. Over the last 24 hours, the BTC price recorded a mild gain of 3%. Notably, the asset hit a peak of $65,790, and a low is noted at $63,324. 

Meanwhile, it is pivotal to note the BTC’s market sentiment in the greed zone as the Fear and Greed Index stays at 61. At press time, BTC traded at $65,315, with its daily trading volume increasing by 49.13% to $37.13 billion, as per CMC data. Over the last 24 hours, according to Coinglass data, Bitcoin has witnessed a liquidation of $40.44 million.

On the other hand, as per the on-chain data, a whale has withdrawn 3,501 Bitcoins worth $221.39 million from the Binance exchange in the past three days. Three hours ago, the massive whale began its fourth Bitcoin accumulation wave. In addition, the current holdings are estimated at 4,062 BTC, worth $262.2 million.

Can BTC Price Surge to New Highs?

Bitcoin started trading in the $63.8K range when the week began, with a 2.25% spike. As days progressed, the token’s price continued to trade within the $62.5K range. The downside pressure breaks, and BTC soars to a high of $64.6K.

Looking ahead, the asset is likely to pass through crucial pressure to break through the current price levels. If the bear hold strengthens, the nearby support level might be found at $64,472. On the other hand, if BTC regains the upward momentum, it could likely test the initial resistance at $66,066.

Meanwhile, Bitcoin’s price momentum continues to stay in the neutral sentiment, as the daily relative strength index (RSI) stands at 65.71. Notably, the short-term 50-day MA is found at $63,542, and the long-term 200-day MA at $59,832, below the current price.

Highlighted Crypto News of the Day

Will Binance Founder CZ’s Early Release Propel the Crypto Market?