[Christian Harris]

Bitcoin’s price surged 2.68% on Monday, closing at $69,576.02. This marks the third consecutive day of gains.

It will be interesting to observe whether this upward momentum continues or if the cryptocurrency takes a short pause in the coming days.

Bitcoin’s price fluctuated within a range of $67,532.48 to $70,000.00 on Monday, representing a 3.65% daily price swing.

Over the past two weeks, the cryptocurrency has experienced a volatile period, resulting in a net gain of 1.43%.

Trading volume increased significantly on Monday, a positive technical indicator. A total of 36 billion Bitcoin were traded, amounting to approximately $2.48 quadrillion in value.

Bitcoin has broken through a strong, upward trend, suggesting the potential for even stronger price increases. If the price were to retrace, the recently breached trendline at $69,020.94 may provide support.

The next significant resistance level is the ATH price of $73,835.57.

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[Steve]

It’s been an interesting few days for crypto for sure. I was reading this article which has some useful insights – https://www.fxstreet.com/cryptocurrencies/news/bitcoin-price-forecast-pointing-to-new-all-time-high-at-78-900-202410290803.

Here are some of the key takeaways:

• Institutional Investment Surge: Strong inflows into Bitcoin ETFs (over $472 million on Monday) show increased institutional demand, bolstering Bitcoin’s price.
• Bullish Sentiment Among Traders: The long-to-short ratio has reached its highest level this month, suggesting that traders are optimistic and expecting further gains.
• High Open Interest: Bitcoin futures Open Interest has hit a record $42.23 billion, indicating substantial new capital inflow and high trading activity.
• Technical Momentum: Bitcoin recently broke above a key resistance level ($67,500) and successfully retested it, signaling the potential for further upward movement toward a new all-time high.
• On-Chain Indicators: On-chain metrics, such as Bitcoin held by U.S. entities, have increased, historically indicating a strong bull run might be on the horizon.
• Strong Relative Strength Index (RSI): Bitcoin’s RSI on the weekly chart is at 60, above the neutral 50 level, showing growing bullish momentum without reaching overbought territory.

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[Christian Harris]

Bitcoin certainly seems like a coiled spring.

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[Steve]

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[Christian Harris]

😂😂😂

There you go Steve!

A picture is worth a thousand words.

Just push that spring down a little and we’re good to go 🚀

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[Steve]

Haha amen pal

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