- Bitcoin price may hit $74,000 in the next few days if it remains inside the rising channel.
- BlackRock Bitcoin ETF added another $309 million in BTC to its portfolio on October 17.
- BTC price action could be forming a bull flag to double top, putting investors at a crossroads.
- Bitcoin could surge to $74,000 or drop $62,000 depending on which pattern completes first.
Bitcoin price has set its sights on $74,000 following its recent run up to $68,000. Meanwhile, BlackRock is rushing to scoop up as much BTC as possible, adding over $309 million to its coffers yesterday. Can BTC’s price reclaim its previous all-time high and move higher?
Data from Soso Value shows BlackRock Bitcoin ETF added another $309 million in BTC to its portfolio on October 17, bringing it to over $1 billion in BTC added this week.
Their buying spree has coincided with Bitcoin price shooting up. On Monday, they bought $79 million worth of BTC while the price was hovering around $62,800. Over the next 4 days, they have added over $930 million, likely pushing the price of BTC up by over $4,800.
Bitcoin Price Statistics Today
- Bitcoin Market Cap Dominance: 55.1% ⬆
- Bitcoin Market Cap: $1.331 trillion ⬆
- Circulating supply: 19.766 million ⬆
- Percentage Mined: 94.13%
Previous Bitcoin Price Analysis
In Last week’s market wrap, the Bitcoin price showed mixed signals. There was a potential double bottom on the 12-hour chart, which is a bullish reversal pattern, but at the same time, there was heavy resistance around the $62,000 level.
Eventually, bulls took the day, pushing the price higher above the neckline ($64,000). BTC price broke above the local high ($67,000), formed in late September.
BTC price is up 1.4% in the last 24 hours and is trading at $67,742. The crypto market is down 0.7%, hovering around $2.431 trillion.
All Eyes on $74,000, But Here’s The Unknown
BTC is trading within a well-defined ascending channel. The price has bounced from the lower boundary (around $56,000) multiple times and is now pushing toward the upper boundary, suggesting continued bullish momentum. The overall movement indicates upward pressure, and the trend may continue as long as BTC stays within this channel.
Despite the bullish thesis, there is a slight chance BTC may be forming a double top, a bearish reversal pattern. Investors remain stranded as whichever pattern completes first dictates Bitcoin’s next direction. Most of the gains in BTC this week have been driven by BlackRock’s buying spree, and if the institution stops, traders may rush in to take profits.
Support and Resistance Levels
- $62,000 — This support zone was previously tested, showing strong buyer interest. It will act as a major support level moving forward.
- $70,000 — This is the next resistance and the upper boundary of the channel. It’s likely BTC will test this level soon.
- $72,000 – $74,000: There is further upside potential beyond $70,000 if the channel’s upper resistance is broken.
The recent price action shows bullish engulfing candles, signaling buyers are stepping in aggressively.
Data from Coinglass shows traders are still overwhelmingly bullish on Bitcoin price on the daily, weekly and monthly timeframes. There is 8.5 billion worth of Longs compared to 3.4 billion worth of Shorts. This imbalance suggests that bullish sentiment is dominating the market because traders anticipate BTC will rise higher in the future.
A deeper analysis of the liquidation map shows a strong support level between $63,222 and $67,374, with the largest leverage long trades lying at $64,260, $64,779, and $65,298. This means it might be difficult for BTC to fall below this price unless there is a major economically bearish event.
If Bitcoin price consolidates or retraces slightly from the current price, it could mark a great entry point near $65,000 – $66,000. If bear power increases, BTC could drop from its current price and fall to $64,000, which coincides with the neckline of the previous double bottom.
Stop-losses below the $64,000 neckline may help manage risk if the current price action is a false breakout. Further selling pressure may push BTC’s price lower to the $62,000 support.
DISCLAIMER: The work included in this article is based on current events, technical charts, company news releases, and the author’s opinions. It may contain errors, and you shouldn’t make any investment decisions based solely on what you read here.
