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Bitcoin Price Analysis: Despite Slight Retracement, is $70K In Sight for BTC?

Bitcoin continues with the technical breakout above $64.8K. It’s also worth noting that, from a macro perspective, the SPX recently reached a major technical target at 4710, struggling to close about it, and is also overextended to the upside with overbought conditions seen in the near-term.
These temporary weaknesses in the stock markets could also pressure BTC, but the bullish on-chain metrics suggest that the cryptocurrency’s breakout is likely to continue towards $70K and $80K.
Chart by TradingView
The Technicals
The cup-and-handle pattern looks complete, with multiple daily closes above $64.8K. It’s now important to see $64.8K flipped into support and for it to hold on to all backtests. A weekly close above the level would be an important confirmation for the breakout. Essentially, this is what matters the most at the time of this writing – the intraweek moves above a key level don’t mean as much as the weekly close above said level.
Chart by CryptoQuant
There momentum o

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