Bitcoin Bears Go Quiet as BTC Price Advances to $70,000 – Here’s What Could Soon Trigger a New Bull Run to $80,000

Markets are consolidating as Bitcoin price failed to hold above $68,500. Although the selling pressure is slightly higher, the bulls are strong enough to defend the lower support. Therefore, BTC bulls are expected to trigger a strong rebound after a minor correction, which could initially break the intermediate resistance at $70,000. However, the bulls are aiming to reach a new ATH above $75,000, likely in the early days of August.

Markets are expected to remain volatile throughout the week as major events are expected that could have a significant impact on BTC price action.

• Ethereum ETFs set to go live on Spot Tuesday, which marks a historic moment for the second largest token, generating significant market interest.

• Second-quarter GDP data, the crucial economic indicator, is due to be released on THURSDAY

• PCE data, a key measure of inflation closely watched by the Fed, is due out on Friday.

• The world’s largest Bitcoin conference is set to kick off on July 25 in Nashville and former President Donald Trump is scheduled to speak at the conference

Additionally, 20% of S&P 500 companies have reported earnings, which is expected to influence overall market trends. Additionally, Mt. Gox reportedly distributed 60% of BTC, which is expected to affect Bitcoin supply and price dynamics.

What to expect from BTC price rally this week?

Bitcoin has surged by over 15% over the past week and has been facing significant selling pressure since the early hours of trading. Despite the bearish activity, the price is holding some pivotal zones, due to which hopes for a healthy uptrend remain quite high. If the bulls manage to hold on to these levels, then Bitcoin price could trigger a strong rally and soon form a new ATH above $75,000.

BTC price is consistently forming lower highs and lower lows but the current trading setup suggests that the bulls could break the bearish scenario. The price is heading towards testing the channel’s upper resistance again and if it breaks above these levels, a further upside could lift the levels to the resistance zone between $72,529 and $73,305. This could be the last barrier for Bitcoin price to rally before marking a new ATH above $75,000.

However, the on-balance volume, OBV, is bullish and the price was heading towards a “death cross” which seems to have delayed. Therefore, the BTC price continues to remain under bullish influence and could maintain an uptrend throughout the coming week.