Bitcoin Hits $70K — Breakout or Short Squeeze?

[Bitcoin_people]

It doesn't look like it will last at the $71k region but I'm hoping it does because for sometime now, all we've been settling for is the $63-65k price and I'm not going to investigate what led to this surge, all I'd be interested in is if this would be the start to a new ATH.

I was also thinking about it, like will anything concerning $70k last as we have seen it now in a long while? Well, it has happened before that we saw $70k but since then it has been $60k to $60k and from the looks of things, I mean back then it seems like Bitcoin price was going to hit rock bottom, falling without getting back up, I was expecting to see $49k soon and today changed everything. Currently the market price is $72k and I expect to see $80 and above soon.

The price of Bitcoin has already crossed $70k, as we have seen before, it touched $70k many times but later the market moved towards $60k again. However, the position of the market at that time was not very strong support, due to which the market fell again several times. However, the way the price of Bitcoin has risen now, it seems that if it moves towards a decline later, it will not go down much. We have already seen that the market had gone close to $80k, although now the price of Bitcoin is passing through a good position. If the market continues like this, it will move forward slowly and we can imagine that a good person will enter very soon.

[Majestic-milf]

It doesn't look like it will last at the $71k region but I'm hoping it does because for sometime now, all we've been settling for is the $63-65k price and I'm not going to investigate what led to this surge, all I'd be interested in is if this would be the start to a new ATH.

For now, it seems we’re not yet speculating that Bitcoin will reach a new ATH. This upward movement is pretty good, almost hitting $80k. 
Right now, Bitcoin is around $76k. If it can hold this level or even continue rising with ongoing buying pressure, the end of this month and maybe the end of Q4 this year could look pretty good.

True. The way I see it Bitcoin might shock many and end the month at a high price and this upward surge will encourage more purchase because nothing is as exciting as being a part of something that has prospect and Bitcoin at this stage is showing a prospect of beating expectations.

[Asiska02]

It doesn't look like it will last at the $71k region but I'm hoping it does because for sometime now, all we've been settling for is the $63-65k price and I'm not going to investigate what led to this surge, all I'd be interested in is if this would be the start to a new ATH.

This is a big question of thought and not everyone can really say with confident that Bitcoin has started the really for a bullish consensus in the market yet. A lot of things needs to be considered, even from how the market scale off to record this price, are those effects temporary or permanently that could have lead to that. If temporarily, then we should expect a big turn in the market, seeing Bitcoin goes back to the price it was trading while permanent deal could see us getting to accept the fate of the market and just move on with the flow of the market. Nothing is decisive now as in-depth knowledge to understand the situation faster is on the way.

[Majestic-milf]

It doesn't look like it will last at the $71k region but I'm hoping it does because for sometime now, all we've been settling for is the $63-65k price and I'm not going to investigate what led to this surge, all I'd be interested in is if this would be the start to a new ATH.

This is a big question of thought and not everyone can really say with confident that Bitcoin has started the really for a bullish consensus in the market yet. A lot of things needs to be considered, even from how the market scale off to record this price, are those effects temporary or permanently that could have lead to that. If temporarily, then we should expect a big turn in the market, seeing Bitcoin goes back to the price it was trading while permanent deal could see us getting to accept the fate of the market and just move on with the flow of the market. Nothing is decisive now as in-depth knowledge to understand the situation faster is on the way.

True. I remember saying I wasn't going to investigate the reason behind the surge but I did some digging and found that the spike was triggered by a US Treasury Bond buy back, Trump's CLARITY Act push and also spot ETF institutions have recorded massive inflows and so there's the possibility that we might see more spikes. Possibly a new ATH too.

[danadc]

What's happening with the price of BTC is something I like. It reminds me of when Donald Trump won the presidential election and the price of BTC skyrocketed, reaching $100k shortly after. If this repeats itself, but under different circumstances, will it reach $150k?

I know cycles aren't guaranteed, but it could happen. Nothing is set in stone, and if this continues, the price will keep rising. As long as it keeps going up, I like it.

[Sexylizzy2813]

It doesn't look like it will last at the $71k region but I'm hoping it does because for sometime now, all we've been settling for is the $63-65k price and I'm not going to investigate what led to this surge, all I'd be interested in is if this would be the start to a new ATH.

I was also thinking about it, like will anything concerning $70k last as we have seen it now in a long while? Well, it has happened before that we saw $70k but since then it has been $60k to $60k and from the looks of things, I mean back then it seems like Bitcoin price was going to hit rock bottom, falling without getting back up, I was expecting to see $49k soon and today changed everything. Currently the market price is $72k and I expect to see $80 and above soon.

The price of Bitcoin has already crossed $70k, as we have seen before, it touched $70k many times but later the market moved towards $60k again. However, the position of the market at that time was not very strong support, due to which the market fell again several times. However, the way the price of Bitcoin has risen now, it seems that if it moves towards a decline later, it will not go down much. We have already seen that the market had gone close to $80k, although now the price of Bitcoin is passing through a good position. If the market continues like this, it will move forward slowly and we can imagine that a good person will enter very soon.

I'm enjoying the market price movement because it has been long since we saw such amount since this year. $60k has been a road block but the figures we have seen lately only shows a since of improvement, $50k has been my fear because I have that believe that if it stays too long at 50k it will be hard to achieve anything above $51k. For me getting close to $80k is not it but to get pass it completely, who knows very we might be screaming 6 digits again. I'd say the next stop will be $90k depending if it continues this pace without dropping, for now it has dropped to $76k, maybe by tomorrow something productive might show up.

[DanWalker]

What's happening with the price of BTC is something I like. It reminds me of when Donald Trump won the presidential election and the price of BTC skyrocketed, reaching $100k shortly after. If this repeats itself, but under different circumstances, will it reach $150k?

I know cycles aren't guaranteed, but it could happen. Nothing is set in stone, and if this continues, the price will keep rising. As long as it keeps going up, I like it.

Most people would rather see Bitcoin go up than down. But I dont see any connection or similarity between the current rally and what happened when Trump won the election.

The market conditions are completely different. When Trump won, we were already in bull market, with catalyst like the ETF approval and the halving. But this time, we are in bear market and there're barely any major catalyst. That is why many people suspect this is just another trap rather than the start of new bull market.

I would not even dare to think about Bitcoin reaching 100k, let alone $150k.

[Brizi5000]

For now I can say this is a break out because bitcoin price have really rallied support around $63k-$64k price for several weeks and now seeing bitcoin price rise Above $77k is actually a good sign of a break out but we just have to watch and see how long this trend will continue before we can be truly sure if it’s just a short squeeze or a real break out. There’s optimism as a result of this surge in price and investors really hope this very rally  will bring an end to the long lasting mid year dump .

[Stormisover]

For now I can say this is a break out because bitcoin price have really rallied support around $63k-$64k price for several weeks and now seeing bitcoin price rise Above $77k is actually a good sign of a break out but we just have to watch and see how long this trend will continue before we can be truly sure if it’s just a short squeeze or a real break out. There’s optimism as a result of this surge in price and investors really hope this very rally  will bring an end to the long lasting mid year dump .

We have been with that dump since last quarter of last year, the break out has been long expected of and finally it came through even when most people where predicting otherwise, indeed is a break out whether it is a short squeeze or not because of how long it has been down around the $63k-$64k price leve, that dump wasn't that bad actually for those investors who took advantage of it and acquired Bitcoin as much as they can and with the surge now,  some can even be saying that they never had enough or yet done with the dump purchase. However, the DCA gat their back as they continue with building their investment.

[SatsPH]

We have been with that dump since last quarter of last year, the break out has been long expected of and finally it came through even when most people where predicting otherwise, indeed is a break out whether it is a short squeeze or not because of how long it has been down around the $63k-$64k price leve, that dump wasn't that bad actually for those investors who took advantage of it and acquired Bitcoin as much as they can and with the surge now,  some can even be saying that they never had enough or yet done with the dump purchase. However, the DCA gat their back as they continue with building their investment.

Yes, we are in a long dump or the price going on the sideways for many months. And we even had threads or members who thought that we won't see any good pump for this month. I mean who would have since this crazy month before the end of a supposedly ghost month?

But it looks like $80k could be the next biggest barrier obviously. As what we have seen before, usually this round numbers are very hard to break. But once we breach it, it can go and pick up again. So it's just a matter of time whether we will see the market going above it.

[danadc]

Most people would rather see Bitcoin go up than down. But I dont see any connection or similarity between the current rally and what happened when Trump won the election.

The market conditions are completely different. When Trump won, we were already in bull market, with catalyst like the ETF approval and the halving. But this time, we are in bear market and there're barely any major catalyst. That is why many people suspect this is just another trap rather than the start of new bull market.

I would not even dare to think about Bitcoin reaching 100k, let alone $150k.

Your reasoning isn't bad when you say it's not the same now as when he won the presidency, but it has the same market tone at that time. The fact that Trump provides security for buying BTC makes investors very comfortable, and this was reflected in the price. I assure you that if Trump hadn't said those things, we'd still be at $63k or $64k.

[JamesDaniel90]

Latest thoughts with bitcoin hitting $81k earlier today? I didnt think it would pump that high so i really am not sure what to expect now rest of this week.

On one hand i am hoping the bull run has started but on the other I'm happy to buy one last time if we go back down to around $68k again.

[savetheFORUM]

Latest thoughts with bitcoin hitting $81k earlier today? I didnt think it would pump that high so i really am not sure what to expect now rest of this week.

On one hand i am hoping the bull run has started but on the other I'm happy to buy one last time if we go back down to around $68k again.

Better be ready for a fall as well. I know that many people will say the reverse, everyone thinks that we are going to go up even more, we are taking a break and then we are going to keep going up. But that is not what I believe will happen, it may happen of course but I do not think that is what is going to happen. I believe that we are going to see things change and we are going to see how bitcoin will reverse and start going down. Look at historical pattern of bitcoin and you will see why I am thinking like that, most of the time that is the case and we are not going to see how these things will change.

I believe that we should not really be considering how things could be different, and for that reason we should be considering how Bitcoin could crash. Maybe I am wrong, but I think I am right and I think you will have one more chance to buy low when the price crashes in the next month or two, we are going to see things be a lot more different for sure.

[adultcrypto]

Latest thoughts with bitcoin hitting $81k earlier today? I didnt think it would pump that high so i really am not sure what to expect now rest of this week.

On one hand i am hoping the bull run has started but on the other I'm happy to buy one last time if we go back down to around $68k again.

Bitcoin reaching $81k is not supposed to be difficult because price is already within that vicinity. Despite the correction, the bullish moves is not yet over so any reversal now will make price surpass $81k. I have my eyes between $85k to $100k before the market will experience any exhaustion and slide into a consolidation to build liquidity. 

[YOSHIE]

Do you think this is the start of a broader rally, or mostly a leverage-driven move?

I have experienced several factors causing a spike in the price of Bitcoin, when the halving is approaching, situations like this often occur in the Crypto market, I speculate that the spike in the price of Bitcoin to the $70k level is not without reason, there are several things that make the price of Bitcoin rise within a few daysThis.

One of the factors that stands out in the public is the Massive Short Squeeze where there are over and under funds of up to $2.7 billion, speculation shows that there is pressure to buy Bitcoin en masse, this situation is what drives the Bitcoin price spike.
In addition, there is encouragement and also US Financial policy by multiplying the Bitcoin purchasing program.

The current situation is a profit-taking activity for those short-term who hold Bitcoin, in fact this situation is very risky for those with long-term investments. when they are reluctant to seek and obtain definite information about Bitcoin speculation in the current market, if they panic they will of course sell their Bitcoin, of course they will fall into the Short Squeeze trap.

[Dave1]

Bitcoin reaching $81k is not supposed to be difficult because price is already within that vicinity. Despite the correction, the bullish moves is not yet over so any reversal now will make price surpass $81k. I have my eyes between $85k to $100k before the market will experience any exhaustion and slide into a consolidation to build liquidity. 

How can you assure that the bullish movement is not yet over though when we already had a correction into $78k? So we have seen a reversal already, meaning there might be already some short squeeze by traders to make some profits.

Until we go up and break $83k-$85k, then for now we could say that the bullish momentum has stop already as we have have reach exhaustion level by investors. Also, we need to point up that institutions like Saylor didn't buy any at that huge spike we've seen lately, so for now I don't know how to interpret that them not buying but still the price goes on a massive run and they might have missed it.

[jcojci]

Latest thoughts with bitcoin hitting $81k earlier today? I didnt think it would pump that high so i really am not sure what to expect now rest of this week.

On one hand i am hoping the bull run has started but on the other I'm happy to buy one last time if we go back down to around $68k again.

The price down to $78k level so the correction comes as the market in the weekend. If you check the line, that shows a down moment so I guess we will see another correction coming. But I hope that will not happens too deep but will gives more chances to the price to increase more. Bull run coming temporary so enjoy your time and take profit you have.

The rally already happened and the down might comes for more so you should be careful. Don't panic if the price down deep and back to below $70k but take your time to buy back at low.

[Alpha Marine]

But it looks like $80k could be the next biggest barrier obviously. As what we have seen before, usually this round numbers are very hard to break. But once we breach it, it can go and pick up again. So it's just a matter of time whether we will see the market going above it.

You were actually right; I think 80k is going to be the resistance. It got to $81k and then went back down to 77k. I always knew it would not stay above 80k for long, but right now, I'm just hoping it doesn't go below $75k. I don't want this to be another situation where it would fall down to below 70k after bursting forward.
When it started going upward, I wasn't expecting it to go above 80k; to be honest, I was a bit surprised. If it remains in the range it is now till next month, we can hope for 90k resistance next month while it hovers around the 80-85k range. I know I'm being overly optimistic, though, but it's all I've got.

[DanWalker]

Your reasoning isn't bad when you say it's not the same now as when he won the presidency, but it has the same market tone at that time. The fact that Trump provides security for buying BTC makes investors very comfortable, and this was reflected in the price. I assure you that if Trump hadn't said those things, we'd still be at $63k or $64k.

Did I miss something? What exactly did Trump say this time? Is there anything new, or is he just repeating the same old promise he's been going on about since taking office?
How do you know Bitcoin would still be at $63k-$64k if Trump hadnt said those thing? That's just an assumption.

By the way, have you been watching gold and stock? They have been rising too in recent day, especially gold and Bitcoin has been moving quite similarly. So is gold going up because of Trump too?

[adultcrypto]

Bitcoin reaching $81k is not supposed to be difficult because price is already within that vicinity. Despite the correction, the bullish moves is not yet over so any reversal now will make price surpass $81k. I have my eyes between $85k to $100k before the market will experience any exhaustion and slide into a consolidation to build liquidity. 

How can you assure that the bullish movement is not yet over though when we already had a correction into $78k? So we have seen a reversal already, meaning there might be already some short squeeze by traders to make some profits.

I would have replied you yesterday but I decided to wait till too as price was already setting up to continue the rise, behold it happened and bitcoin is already above $80k now. This validates my earlier statement that the bullish movement is not over and I'm you will now agree with me. There was no way we could have concluded that the rise was over when there was never a change of character to support that, instead what we saw was just a correction that happens in every trending market.