Bitcoin bulls have held the $65,000 level, but BTC and altcoin charts show it's too early for traders to expect a short-term trend reversal.
Bitcoin (BTC) faced strong rejection near $70,000 on July 29, indicating that the bears are fiercely defending the upper boundaries of the $55,724 to $73,777 range. Several analysts are closely watching the $69,000 level as they believe it is crucial for the bulls to flip this level into support before Bitcoin takes out $72,000 and challenges the all-time high near $74,000.
Bitcoin will need a strong trigger to shake it out from its five-month-long trading range. Once it does, analysts are confident that Bitcoin will cross the $100,000 mark. However, some analysts believe that six figures may hit only in 2025.
Analysts believe the $35 trillion national debt of the United States will bolster Bitcoin adoption. Turbofish CEO Matt Bell told Cointelegraph that the ballooning US debt will boost the importance of Bitcoin as “‘hard money’ — a decentralized and deflationary asset that offers a hedge against currency devaluation.”
