Bitcoin Nears $73K Testing Range High Levels: Will The Bullish Stance Continue?

Bitcoin’s recent price movements have caught the attention of analysts and investors alike. According to Daan Crypto Trades, BTC is currently trading in the upper half of a defined range, suggesting a potential test of the range highs soon. This analysis comes amidst a backdrop of bullish sentiment from industry figures like Samson Mow, who predicted a significant price surge for Bitcoin in the near future.

Daan Crypto Trades’ chart analysis reveals a clear range for Bitcoin, with a Range High around $73,000, a Mid Range at approximately $66,100, and a Range Low near $59,400. Currently, Bitcoin is trading around $71k, close to the upper end of the range, indicating a potential bullish trend continuation if it breaks above the Range High.

Historical price movements show that Bitcoin has been fluctuating within this range since early March. After a brief dip in late April, the price has been on an upward trajectory, moving from the mid-range towards the range high in early June.

Coingecko data shows that Bitcoin has been hovering around $70,871.43 today, with a 24-hour trading volume of $27,933,772,153.24. The cryptocurrency has experienced a -0.12% price decline in the last 24 hours but has seen a 4.03% price increase in the past 7 days. With a market cap of $1,396,100,616,274, Bitcoin is outperforming the global cryptocurrency market, which is up 3.90% in the last 7 days.

Samson Mow, CEO at Jan3 and a prominent Bitcoin advocate is at the forefront of the bullish sentiment surrounding Bitcoin. Mow predicted a “recursive demand shock” phenomenon that will occur once Bitcoin surpasses its previous all-time high (ATH). He believed that this event would propel Bitcoin’s price to $100,000, which he refers to as “$0.1 million” in his post. Mow envisions this as merely a stepping stone, with Bitcoin eventually reaching the $1 million mark.

Mow’s optimism is based on the current market dynamics, which he believes have kept Bitcoin’s price artificially low for an extended period. He pointed out that the buying levels compared to the available supply are high. This scenario might create an imbalance that could lead to a price surge.