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Bitcoin price above $69k: analysts eye breakout, altcoins follow suit

Kitco Media
By Jordan Finneseth
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Bitcoin price above $69k: analysts eye breakout, altcoins follow suit teaser image

(Kitco News) – Bullish energy is back to start the week in the crypto market as Bitcoin (BTC) has rallied above $69,000 in early trading on Monday and now looks set to reclaim support at $70,000, while altcoins followed suit and surged higher. 

 

Data provided by TradingView shows that after trading near $67,000 in the early morning hours, Bitcoin started to climb as the U.S. market open approached, spiking to a high of $70,065 before pulling back to $69,665, where it trades at the time of writing. 

 

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BTC/USD Chart by TradingView

 

According to quant trader Skew, the market is “still maintaining the Sunday bounce into Monday,” and it “will be important to see if buyers maintain control early this week.” 

 

Skew noted that “Currently, [Bitcoin’s] price is trading above 4H EMAs” and the RSI is above 50, which he said is “highly important for uptrend continuation.” 

 

“Structurally, [Bitcoin’s] price needs to close a [highest high value] above $69K with bullish momentum,” he added. “$74k will be a significant price area, in my opinion, both in terms of supply” and as a psychological level. 

 

Scott Melker, host of the Wolf of All Streets podcast, said “We may have a breakout from the inverse head and shoulders meme” that he discussed previously. 

 

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“The right shoulder made the higher low, we have a potential break of the neckline (2 hours to confirm this breakout), and volume is increasing (we are 2 hours into 4-hour candle and already up),” he said. “Target is around $76,000, but let's be honest - how often do these things hit their targets?”

 

But market analyst Inmortal warned that there could still be one dip to $60,000 before Bitcoin ultimately makes a sustained run higher. 

Meanwhile, technical analyst Ali gave a near-term price target of $72,880 for Bitcoin.

Kitco Media

Jordan Finneseth

Jordan Finneseth is a Crypto Market Reporter for Kitco Crypto. Coming from a background in Psychology and Human Behavior, he began to focus his attention on the cryptocurrency space in early 2017 after noticing the rapid growth of this emerging market. Since that time, Jordan has worked as a content creator for multiple projects and as a crypto news journalist reporting on the latest developments within the cryptocurrency market. Jordan holds a Master of Science in Clinical/Counseling Psychology and a pair of Bachelor's degrees in Psychology and Environmental Health Science. You can reach out Jordan Finneseth at 1- 514.670.1372.

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