Bitcoin (BTC) price rebounded around 4.2 percent in the past 24 hours to trade above $67k on Friday during the early Asian session. The flagship coin rebounded from a crucial support range between $63,500 and $64k on Thursday, thus signaling further bullish momentum.
Rising Bitcoin Dominance
Moreover, Bitcoin dominance rallied to a new high since mid-April, of around 56.67 percent on Friday. The poor performance of the newly approved spot Ether ETFs in the United States has increased confidence in the Bitcoin market.
Notably, the ETH/BTC weekly chart slipped below the crucial support level established in the past few months of around 0.51.
According to a popular crypto analyst Benjamin Cowen, the Bitcoin dominance could easily reach 60 percent before the highly anticipated reversal takes place to trigger the altseason.
Whales on the Hunt
Amid the rising uncertainties in global macroeconomics, more investors have shown higher interest in Bitcoin and other digital assets. For instance, on-chain data analysis from spotonchain shows a smart whale withdrew 1,147 Bitcoins from Binance, worth about $75 million in the last nine days.
Meanwhile, long-term Bitcoin holders have been aggressively accumulating in the recent past irrespective of the price volatility. Jersey City announced plans to allocate a percentage of its pension fund to purchase Bitcoin ETFs.
On Thursday, Marathon Digital announced that it had purchased $100 million worth of Bitcoins its its full HODL strategy.
$70k on the Horizon
According to crypto analyst Ali Martinez, Bitcoin price has already signaled a potential bullish breakout in the lower time frames. The crypto analyst pointed out that Bitcoin’s one-hour Relative Strength Index (RSI) has already broken out of the falling trend.
In the daily chart against the US dollar, Bitcoin price has consistently closed above the 50 and 200 Moving Averages (MA). On one hand, if Bitcoin price consistently closes above the support/resistance level around $68k in the coming days, $70k will be on the horizon before the end of this month.
On the other hand, Bitcoin price could be trapped in further correction in August if it fails to rally beyond $68k in the coming weeks.
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