Bitcoin reached a new 10-week high of $77,027, with traders predicting a potential rise to $88,000 in the coming weeks. The focus now shifts to the $72,800 level for the next weekly candle close.
Bitcoin (BTC) refreshed February highs on Friday as attention focused on the upcoming weekly close and a longer-term rally to $88,000.
Key points:
Data from TradingView confirmed new ten-week highs of $77,027 on Bitstamp.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
BTC price action attempted to capitalize on recent strength across risk assets, with geopolitical tensions and uncertainty over global oil supplies increasingly priced in. A ceasefire between Israel and Lebanon appeared to further boost market confidence.
On Thursday, the S&P 500 hit 7,050 points for the first time in history, sealing its highest-ever close and its second all-time high of the week.
S&P 500 one-day chart. Source: Cointelegraph/TradingView
Commenting, crypto trader Michaël van de Poppe said that Bitcoin should soon gain more thanks to reduced macro volatility, notably in the VIX volatility index.
“As long as the VIX continues to fall, and we're in a new equilibrium, where oil volatility goes down, Gold volatility significantly drops,” he wrote in a post on X.
Bitcoin's price hit a new 10-week high of $77,027.
Traders are predicting Bitcoin could reach $88,000 within two to four weeks.
The key level to watch for the next weekly candle close is $72,800.
Bitcoin's price increased as markets moved past geopolitical concerns.
Bitcoin's price surged past $78,000 following President Trump's announcement that Iran agreed to halt its nuclear program and reopen the Strait of Hormuz. This de-escalation in the Middle East led to significant volatility in financial markets.
Bitcoin's recent price rise raises questions about its bottom; historical data suggests it may still be months away.
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“What will you start to see? More inflows in the $BTC ETF as allocators can allocate more towards Bitcoin.”
US spot Bitcoin ETF netflows (screenshot). Source: Farside Investors
Van de Poppe referred to the US spot Bitcoin exchange-traded funds (ETFs), which have seen $330 million in net inflows week-to-date, per data from UK-based investment firm Farside Investors.
“That would also benefit altcoins and $ETH, as they'll follow the path of Bitcoin,” he added.
“In that case, I see a strong case for Bitcoin continuing the rally to $85-88K in coming 2-4 weeks.”
BTC/USDT one-day chart. Source: Michaël van de Poppe/X
Trader and analyst Rekt Capital, meanwhile, put $72,800 as the “pivotal” level to reclaim at the upcoming weekly candle close for BTC/USD.
“If Bitcoin wants to Weekly Close above the Weekly resistance ($72,810, blue), then price would need to hold the blue level as support on any upcoming dip,” he explained alongside a chart showing key price points.
“The last time Bitcoin rejected from the black resistance in mid-March, price also lost the blue level as support. Which is why a Daily Close below the blue level after any upcoming dip could see price drop back into the blue-blue Weekly Range.”
BTC/USD one-day chart. Source: Rekt Capital/X
Bearish perspectives included that of trader Roman, who maintained expectations of lower levels next.
Declining trading volume into the highs, he warned, was a telltale sign of fading momentum.
“We’re in a macro downtrend which when we see high volume continues downward. Low volume implies consolidation/correction to continue the overall trend,” he explained on X.
“The next high volume move likely takes us lower.”
BTC/USDT one-day chart. Source: Roman/X
As Cointelegraph reported, sub-$50,000 price levels remain a popular bet for Bitcoin’s next macro bottom.