Bitcoin Recovery Stops at $72k: What Triggers BTC Price Breakout?
Bitcoin (BTC)'s support rally towards $72,000 seems to be slowing down, but analysts believe that the price of BTC may “continue to rise” in the short term.
Main Receptors:
To confirm the trend reversal, the short-term holder of Bitcoin needs to turn the confirmed price into support at $80,000.
Spot volume and trading activity should recover to ensure a sustained crash in BTC price.
Bitcoin needs to recover $80,000 as support.
Over the past three days, Bitcoin's 8% rise to $72,000 has found key levels, with support at the 200-day exponential moving average (EMA) at $68,000 and the 50-day EMA at $70,000.
“$BTC is currently in a buying wall zone. The current zone is a support zone,” said analyst CW8900 in a Thursday post, referring to the position between $67,700 and $70,000 on X.
Related: Bitcoin eyes $90K as Binance data shows surge in aggressive buying
BTC's mass issue now hinges on breaking the selling wall between $72,000 and $73,000, and investors have gained approximately 386,100 BTC in the past three months.
“There is a sales wall of up to $73k,” CW8900 said.
It needs to break this sales wall to continue growing to $75k.
The Glassnode Risk Indicator shows another major resistance high between the true market average of $78,000 and the short-term holding price around $80,000.
“This is a particularly meaningful step,” Glassnode said in last week's Onchain newsletter.
“Until price corrects this level, the medium-to-long-term bias will be to the downside, as any rally to this zone could face meaningful spread pressure from near-term buyers in the break-out or near-term.”
Cointelegraph reports that the bulls need to decisively break the $76,000-$80,000 range to confirm trend reversals.
Bitcoin transfer rate will be frozen by 50%
The market remains in a cold phase, with Bitcoin onchain transaction volume and spot trading volume still down.
The seven-day moving average on-chain transaction volume has decreased by approximately 50.5% to 660,000 BTC from 1.36 million BTC 30 days ago.
Additionally, with the 30-day spot relative volume muted below 1.0 on all exchanges, spot activity remains subdued, well below the cyclical highs seen in the recent bull market.
This difference further highlights the lack of speculative strength needed to drive prices higher.
The chart below shows only a slight improvement in position size, but nothing to suggest a meaningful return in engagement.
Glasnod added: “Rules may feel weak until demand for the space picks up, with limited follow-up.”
“A clear expansion in the vote will be a stronger confidence and a sound basis for the future.”
As Cointelegraph reports, the spot and derivatives markets are entering recovery mode, with Bitcoin's spot net volume delta and receivables aggregate delta returning to positive territory.
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