The post Bitcoin Price Will Soon Hit $86K If This Happens appeared first on Coinpedia Fintech News
The cryptocurrency market has remained relatively calm in the past 24 hours despite fluctuating Bitcoin’s (BTC) price on the lower border of a weekly bullish flag. On the hourly chart, Bitcoin price against the US dollar has been grinding lower after experiencing a significant resistance level of around $67,200.
Bitcoin Bleed to Altcoins
Short-term Bitcoin investors have been distributing their profits to the altcoin market to maximize gains. Furthermore, Bitcoin dominance has retraced more than 2 percent since the halving event to about 55 percent on Friday.
The ETH/BTC pair on the weekly and hourly time frames has formed a reversal pattern that favors an altseason ahead. Some altcoins to pay attention to include Binance Coin (BNN), NEAR Protocol (NEAR), and meme coins.
High-Impact Events Ahead
The global cryptocurrency community will be graced with the trading of spot BTC ETFs in Hong Kong. The approval of spot BTC ETFs in Hong Kong will add to the bullish sentiment triggered by the U.S.-based similar approval.
Meanwhile, the third Federal Funds Rate will be released on the first day of next month. Market experts believe the Fed will hold its benchmark interest rate, with anticipated interest rate cuts later this year.
Key BTC Levels to Watch Ahead
A popular and reputable crypto analyst alias, Captain Faibik, has closely followed Bitcoin prices and is armed with technical expertise. According to the crypto analyst, Bitcoin price has been forming a bullish flag in preparation for the next uptrend. Furthermore, the flagship coin is already in the price discovery phase after reaching an ATH of around $74k last month.
The Analyst expects the Bitcoin price to retest the support level of around $61k several times before rebounding to a new ATH above $86k soon.