The $70,000 price level has acted as strong resistance since the crypto dropped below this level after rising to its current ATH of $73,000 earlier in March. However, Bitcoin could easily break above this resistance this time, considering it has more bullish momentum thanks to the Fed rate cuts. History Could Repeat Itself In addition to the Fed rate cuts, Bitcoin’s historical trend provides a bullish outlook for the flagship crypto and suggests that a rise to $70,000 should happen soon enough.
The flagship crypto is expected to experience a significant price surge since more liquidity will flow into its ecosystem as investors can access more money following the Federal Reserve’s quantitative easing (QE). With Bitcoin projected to enjoy massive moves to the upside, a rise to $70,000 soon enough is possible.
Data from the market intelligence platform IntoTheBlock shows that these whales have bought 25,510 BTC since September 19. Related Reading: Tether (USDT) Surges With Massive Inflows, Closing In On Historic $120 Billion Market Cap Milestone This accumulation trend is unsurprising, as the 50 bps interest cut has provided a bullish outlook for risk assets, including Bitcoin.
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