- Bitcoin price moved above $71,000 after breaking weeks of compression.
- Glassnode called the move BTCs strongest upside volatility event since October 2023.
- More than 44,300 BTC in profit moved to exchanges as short-term holders sold.
Bitcoin price pushed above $71,000 on Thursday after a sharp breakout from weeks of compression. The move carried BTC into its daily 200-day moving average and EMA zone.
Glassnode said the latest daily advance measured 5.8 standard deviations against 30-day volatility. That marked Bitcoins strongest upside volatility event since October 2023.
Daan Crypto Trades said BTC formed a new higher high on the daily chart. He noted that price now sits near the middle of the broader $60,000 to $80,000 range.
Bitcoin Price Meets 200 Day Resistance After Powerful Breakout
Bitcoin price has recovered a large share of the June decline after clearing the recent consolidation range. The rally also pushed BTC toward the 200-day EMA near $71,500. That area now represents a major technical test for buyers.
Momentum has strengthened, but conditions look stretched after the rapid move. Daily RSI moved into overbought territory near 72, according to recent market data. Matthew Dixon said BTC has reached the minimum target for his corrective c-wave scenario.
Dixon still sees room for the c-wave to extend toward higher Fibonacci levels. He is watching momentum divergence and lower-timeframe structure for signs of exhaustion.
Bitcoin Price Rally Faces Profit Taking From Short-Term Holders
The Bitcoin price rally has also triggered heavier selling from short-term holders. Darkfost reported that more than 44,300 BTC in profit moved to exchanges during the surge. He described it as the largest short-term holder profit-taking event of 2026.
That flow followed Bitcoins 7.1% daily gain, its strongest session since February. Exchange deposits can increase near-term sell-side pressure when holders lock in gains.
Dixons broader outlook still treats the advance as a corrective B-wave rally. His main scenario expects a larger C-wave decline after the current structure completes. He continues to view the fourth quarter as a possible window for a broader cyclical low.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
