Bitcoin traded with a rigid support at $66,000 over the last two days, leading to analysts revising BTC price targets for the near future.
Crypto trading volumes continued to stay at higher levels in the last 24 hours. Although volatility also increased, Bitcoin traded over its support levels, which stabilized at around $66,000. As a result, prospects for Bitcoin’s movements over the weekend could be optimistic. Meanwhile, analysts have revised BTC price targets, probably since bearish signs have not emerged in the market.
Analytics firm Swissblock has set $76,000 as a near-term target for Bitcoin. The firm had also set the $100,000 target for BTC in October 2023. In the report, the firm stated, “We predict that Bitcoin reaching $100,000 within the next five years is not just a dream but a plausible reality.”
Bitcoin’s sharp rebound after a big dip on March 5 could have set the tone for Swissblock mentioning the $76.000 target. BTC had retested the price range between $59,000 and $62,000 and successfully navigated through it. Moreover, a v-shaped recovery became prominent in BTC’s price chart, likely leading to experts revising the BTC price targets.
Higher crypto trading volumes could persist in the market in the next few days. If BTC holds its support until next week, it could be a positive trading indicator.
BTC/USD 1D price chart
Bitcoin is currently trading at around $ 67,600 on March 8, 2024, with BTC/USD trading higher by a margin of 1% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.32 trillion.
BTC/USD is trading higher than its 20-day EMA (57,034.59), as BTC’s 24-hour volume was at around $42 billion. The global crypto market cap increased by around 2.23%, trading above $2.57 trillion. BTC’s year-to-date returns are at 60.31%.
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