Bitcoin All-Time Highs A 'Stone's Throw Away' If It Starts Closing Above This Price, Predicts Trader

After Bitcoin BTC/USD crossed the $70,000 mark, traders foresee more upside on higher timeframes but warn of potential short-term corrections.

What Happened: Crypto trader Stoic highlighted key levels and market conditions that could influence Bitcoin’s next move.

He emphasized the importance of Bitcoin’s closing price stating that a "full send is a stone’s throw away if we can start closing above $71,000."

He further noted that Bitcoin is "looking healthy from a price, momentum, and volume perspective." According to Stoic, Bitcoin has been accruing time at the top of the value area for almost two weeks.

However, crypto chart analyst Ali Martinez tweeted about a potential short-term correction in Bitcoin prices, highlighting the TD Sequential indicator showing a sell signal on the Bitcoin hourly chart, which could mean a one to four hour candlestick correction for the cryptocurrency.

The TD Sequential presents a sell signal on the #Bitcoin hourly chart, anticipating a one to four hour candlestick correction for $BTC! pic.twitter.com/PrjqXCtbgH

— Ali (@ali_charts) June 5, 2024

Also Read: Bitcoin’s Current Cycle Is Outperforming According To These 3 Metrics, Says Analyst

Why It Matters: Stoic’s insights into the price, momentum and volume suggest a potential bullish trend if Bitcoin closes above the $71,000 mark. Martinez’s warning about a potential short-term correction in Bitcoin prices is significant for traders who rely on technical analysis for their trading decisions.

Coinglass data indicates open interest growing 5% to $37.6 billion, the highest since April 9.

IntoTheBlock data notes a 4.5% decrease in Bitcoin’s large transaction volume, while daily active addresses decreased by 3.4%. At current prices, 100% of Bitcoin holders are in profit, with 69% of holders holding for more than a year.   

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: Bitcoin Spot ETFs Record $887M Inflow On Wednesday, Second-Highest Ever

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Image: Shutterstock