The signal bitcoin (BTC) price momentum traders have been waiting for is here

Bitcoin has officially broken out of its previous $65,000 to $75,000 trading range, signaling strong bullish momentum. Analysts from Marex note that this move forces market participants to reassess positions, as the breakout provides the confirmation that momentum traders previously lacked. Supporting this outlook, on-chain data from CryptoQuant indicates that exchange-held BTC supply has reached multiyear lows, suggesting a tightening supply that could drive further price appreciation.

Despite the positive technical breakout, firms like QCP Capital urge caution, highlighting the influence of external factors such as oil prices, geopolitical tensions in the Middle East, and upcoming Federal Reserve policy shifts. While the price has successfully cleared its 100-day moving average, traders are keeping a close watch on the 200-day moving average and potential volatility stemming from macroeconomic uncertainty and persistent DeFi security risks.

(Source：CoinDesk)