Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin: Will Prices Easily “Explode” Past $74,000 Or Dump Due To Miner Capitulation?

Share This Post

Bitcoin prices have been trending lower in the past couple of weeks and generally remain within a bearish formation. Although momentum appears to be picking up, bulls are not out of the woods just yet.

Analysts are not losing hope and remain overly upbeat, expecting a surge that would take the world’s most valuable coin to new levels.

Bitcoin Forms A “Cup And Handle” Formation In The Weekly Chart

In a post on X, one of them, MikybullCrypto, said Bitcoin has formed a “cup and handle” reversal pattern, suggesting an imminent surge towards new all-time highs. This formation is a glimmer of hope for optimistic traders, especially now that prices have been moving lower and sideways, erasing gains posted in March.

BTC forms a cup and handle pattern | Source: @MikybullCrypto via X

The “cup and handle” formation is a technical pattern chartists use to identify potential reversals and confirm trend continuations. In the current setup, as identified by the trader on the weekly chart, the “handle” was formed after the recent price drop from all-time highs. The “cup” follows the price decline in 2022 and the subsequent recovery in 2023.

Historically, if there is a breakout above the handle and the rim of the cup, prices tend to rally to new levels. For this reason, the analyst says that if buyers press on from spot rates, the breakout above the current range and all-time highs of $73,800 will be “explosive.”  

Bitcoin prices trending upward on the daily chart | Source: BTCUSDT on Binance, TradingView

For now, prices remain in a descending channel with clear resistance levels marked out in the immediate term at around $66,000 and $72,000. A breakout, reading from the candlestick formation in the daily chart, above these liquidation levels could spark demand, lifting the coin to new levels. 

Will Miners Dump BTC And Force Prices Lower?

However, lurking beneath the optimistic outlook is a potential storm cloud: declining on-chain activity. After the brief spike in on-chain activity on Halving Day due to the launch of the Runes protocol, transaction fees have been declining.

Bitcoin transaction fees | Source: YCharts

According to YCharts, it is currently at $3.206, down from over $128 on April 20. This contraction means miners are getting less revenue, heaping more pressure now that there is more pressure on margins post-Halving.

Now that miners are feeling the pinch of slashed block rewards and declining transaction fees, it is likely that they might liquidate some of their BTC to stay afloat. Their participation, especially in the secondary market, would heap more pressure on BTC, forcing prices lower. 

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Ethereum Bulls Defend Support – Key Indicator Hints At Short-Term Rally

Ethereum is trading near a crucial support zone as the entire crypto market undergoes a retracement phase After days of bullish momentum, ETH now hovers around the $2,550 level—a line that could

Is Ethereum Preparing For A Move To $3,800? Analysts Predict Bullish Phase Ahead

Trading in the mid-$2,000 range, Ethereum (ETH) has repeatedly teased a move toward $3,000, only to fall short and retreat back into its current range However, several crypto analysts remain

Binance Japan Secures International Security Certifications

Binance Japan has secured ISO/IEC 27001 and 27701 certifications from the British Standards Institution, signaling a milestone in its cybersecurity and privacy framework These international standards

Crypto Trading Fraud Soars in India and Beyond: MEXC Rings Alarm Bells

The post Crypto Trading Fraud Soars in India and Beyond: MEXC Rings Alarm Bells appeared first on Coinpedia Fintech News A recent report from the crypto exchange MEXC has revealed a worrying trend in

Coinpedia Digest: This Week’s Crypto News Highlights | 31 May, 2025

The post Coinpedia Digest: This Week’s Crypto News Highlights | 31 May, 2025 appeared first on Coinpedia Fintech News Hello again! If you thought May was going to close out quietly, think again

Last Chance to Buy MIND of Pepe Before Exchange Listings: Next Altcoin to Explode

There’s one hour left until what could become one of the best presales, $MIND, enters its post-presale phase And you don’t want to miss it MIND of Pepe ($MIND) relies on a self-sovereign AI
You have not selected any currencies to display