Bitcoin Close To $70K But Trader Warns Not To Buy 'What Has Already Pumped'

Bitcoin's BTC/USD weekend pump toward $70,000 prompted traders to discuss breakout levels and strategies to avoid buying the top.

What Happened: Crypto trader EmperorBTC tweeted that many people purchased Bitcoin expecting to sell after former President Trump‘s keynote speech at the Bitcoin Conference. The trader expects Bitcoin to pump, now that "short-term greedy entrants are gone."

He reiterated his July 26 prediction that the closer Bitcoin gets to $72,000, the more likely it is to find resistance.

The trader further suggested not to buy at highs and resistance levels and avoid breakout trades, which can lead to significant losses.

Lastly, he notes that its better to "buy the one which is lagging after this Bitcoin Pump. Not what has already Pumped."

However, another crypto trader predicts a short-term correction before a massive bull flag. He noted a first breakout target of $86,000 and a second breakout target of $105,000.

Also Read: Peter Schiff Confronts Donald Trump And Michael Saylor’s ‘Never Sell Your Bitcoin’ Strategy: ‘What’s The Point Of Owning It?’

Why It Matters: IntoTheBlock data shows large transaction volume decreased by 36.2%, while daily active addresses dropped by 16%. However, exchange netflows increased by 14.6%. At current profit levels, 98% of Bitcoin holders are in profit.

News and education content provider The Roundtable tweeted that an inactive Bitcoin wallet for around 12 years transferred 37 BTC (worth $2.5 million) to a new wallet. In 2012, the wallet received the 37 BTC , worth around $476 at that time.

Economic events in the upcoming week will likely influence crypto prices. The next Federal Reserve interest rate decision is slanted for Wednesday, while the U.S. July unemployment rate is to be announced on Friday.

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:

• Trump Says Bitcoin Will ‘Skyrocket Like Never Before’ If He Returns To The White House, Promises To Fire SEC Chair Gary Gensler On Day 1

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