Bitcoin Traders See Little Chance of a Breakout as BTC Eyes $75,000
Cointelegraph
Bitcoin reached six-week highs near $75,000, but traders remain skeptical of a sustained breakout, anticipating a potential price correction.Summary
Bitcoin experienced a rise to approximately $74,600 at the start of the week, coinciding with gains in US stocks following signals of de-escalation in Iran tensions. Despite regaining key trend lines, traders like Jelle believe this “relief bounce” doesn’t alter the overall bearish trend, anticipating lower prices based on historical BTC price cycles. QCP Capital noted Bitcoin's potential resurgence as a 'digital safe haven' amid geopolitical uncertainty, while Daan Crypto Trades highlighted a potential reversal zone near $71,500 based on CME futures gaps. The analysis suggests a cautious outlook, with many traders unconvinced of a lasting breakout despite the recent price increase.
(Source：Cointelegraph)