Bitcoin (BTC) refreshed February highs on Friday as attention focused on the upcoming weekly close and a long-term rally to $88,000.
Key points:
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Bitcoin hits its highest levels in ten weeks as markets shake off geopolitical jitters.
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BTC price strength may recover $88,000 in just two to four weeks, trader predicts.
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$72,800 becomes the level to watch for the next weekly candle close.
Local Bitcoin Price Peak Brings Hopes for $88,000
TradingView data confirmed new ten-week highs of $77,027 on Bitstamp.
BTC price action attempted to capitalize on recent strength in risk assets, with geopolitical tensions and uncertainty over global oil supply increasingly priced in. A ceasefire between Israel and Lebanon appeared to further boost market confidence.
On Thursday, the S&P 500 reached 7,050 points for the first time in history, sealing its highest close in history and its second all-time high of the week.
Commenting, cryptocurrency trader Michaël van de Poppe said that Bitcoin should soon gain more thanks to reduced macro volatility, particularly in the VIX volatility index.
“As the VIX continues to fall and we are in a new equilibrium, where oil volatility decreases, gold volatility falls significantly,” he wrote in a post on X.
“What will you start to see? More inflows into the $BTC ETF as allocators are able to allocate more to Bitcoin.”
Van de Poppe was referring to US spot Bitcoin exchange-traded funds (ETFs), which have seen $330 million in net inflows so far this week, according to data from UK-based investment firm Farside Investors.
“That would also benefit altcoins and $ETH as they will follow Bitcoin’s path,” he added.
“In that case, I see a strong case for Bitcoin to continue the rally towards $85,000-$88,000 in the next 2-4 weeks.”
Meanwhile, trader and analyst Rekt Capital places $72,800 as the “pivot” level to recover at the next weekly candle close for BTC/USD.
“If Bitcoin wants to close on a weekly basis above the weekly resistance ($72,810, blue), then the price would have to hold the blue level as support on any upcoming dip,” he explained along with a chart showing key price points.
“The last time Bitcoin rejected the black resistance in mid-March, the price also lost the blue level as support. That is why a daily close below the blue level after any next drop could see the price fall back to the blue-blue weekly range.”
Trader Warns of Volume-Driven BTC Price Drop
Bearish outlooks included that of trader Roman, who maintained expectations of lower levels ahead.
Related: Bitcoin Can Grow ‘Probably Much More’ Than $30+ Trillion Gold Market: Analysis
The drop in trading volume to highs, he warned, was a telltale sign that momentum was fading.
“We are in a bearish macro trend that when we see high volume continues downward. Low volume implies consolidation/correction to continue the general trend,” he explained in X.
“The next large volume move will likely take us lower.”
As Cointelegraph reported, price levels below $50,000 remain a popular bet for the next Bitcoin macro fund.
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