BTCUSD Soars: Will $70K Be Within Reach? Bullish Momentum Builds!

Potential reversal zone- $52530.

BTCUSD surged above $66000 on upbeat market sentiment. It hit a high of $66479 yesterday and is currently trading at around $64849.

Long liquidation-

Within 24 hours, liquidations in the cryptocurrency market reached around $233 million, predominantly driven by short positions. Of this total, short liquidations constituted about $198 million, which is nearly 85% of the overall figure.

BTC ETF

BTCETF saw inflows of $555.9 M on Oct 14th yesterday led by Fidelity wise Orgin Bitcoin Fund with $239.30 million inflows, According to SoSOValue.

US markets -

NASDAQ (No correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades higher on strong market sentiment. Any close above 20500 will take the index to 21000.

Technicals-

BTCUSD trades above the short-term moving average 34- EMA and 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart.

Minor support- $63000. Any break below will take it to the next level at $60000/ $57000/$55000/$52500/$50000/$46000.

Bull case-

Primary supply zone -$67000. Any break above confirms an intraday bullishness. A jump to $67000/$70000 is possible.

Secondary barrier- $70000. A close above that barrier targets $750000/$80000.

Indicator (4-hour chart)

CCI (50)- Bullish

Average directional movement Index - Bullish

It is good to buy on dips around $63000 with SL around $60000 for TP of $70000.

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