Bitcoin has seen rising investor appetite and potential market structure shift on price charts that could signal imminent breakout. But...
price charts indicated a potential market structure shift, signaling a likely breakout from the $50K-$72K price range that began in March., the range breakout could happen in two weeks. If so, the analyst predicted BTC could hit $75K-$80K if the recent drop below $60K is defended as a ‘higher low.’
For perspective, BTC demand has been negative since May, with selling outpacing buying. However, CryptoQuant noted that the pace of the imbalance has eased.In fact, the apparent demand for BTC gauged over the past 30 trading days, indicated that investor demand hit levels last seen in May. But rising leverage, as denoted by an uptick in Open Interest , also posed an imminent pitfall to the breakout expectation.
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