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:
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Bitcoin hits its highest levels in ten weeks as markets abandon geopolitical nerves.
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BTC price strength may bring back $88,000 in just two to four weeks, a trader predicts.
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$72,800 becomes the level to watch for the next weekly candle close.
Bitcoin price local peak brings hope of $88,000
Data from TradingView confirmed new ten-week highs of $77,027 on Bitstamp.
BTC/USD one-hour chart. Source: Cointelegraph/TradingViewBTC 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/TradingViewCommenting, 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.
US spot Bitcoin ETF netflows (screenshot). Source: Farside InvestorsVan 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.
BTC/USDT one-day chart. Source: Michaël van de Poppe/XTrader 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.
BTC/USD one-day chart. Source: Rekt Capital/XTrader warns of volume-led BTC price downside
Bearish perspectives included that of trader Roman, who maintained expectations of lower levels next.
Related: Bitcoin can grow ‘probably a lot bigger’ than $30T+ gold market — Analysis
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.
BTC/USDT one-day chart. Source: Roman/XAs Cointelegraph reported, sub-$50,000 price levels remain a popular bet for Bitcoin’s next macro bottom.
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