Bitcoin Weekly Outlook: A $70,000 BTC Likely Despite Brutal Sell-Off

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Bitcoin had a super-depressive weekend session as traders decided to secure the profits off its Coinbase-led market rally, but all is not lost for the flagship cryptocurrency yet. Bullish traders showed remarkable resistance against the declines in the BTC/USD exchange rates. In retrospect, the weekend crash came as a part of a broader downside correction that began after the pair refreshed its record high to $64,896.75 (data from Coinbase). But it retraced shortly after testing its 50-day moving average (the blue wave) as support, a move reminiscent of Bitcoin’s multiple upside retracements since October 2020. Bitcoin finds support confluence. Source: BTCUSD on The 20-DMA support appeared in confluence with another price floor, provided by the lower trendline of an Ascending Channel. It marked Bitcoin’s third detailed retracement off the Channel’s support, raising expectations that the move would extend itself towards the structure’s upper trendline, which sits near $70,000. Conversely,…

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