Bitcoin (BTC) Eyes Big Move to $75,000 If This Plays Out By U.Today
U.Today – Amid heightened anticipation and market activity, (BTC) tested the critical $72,000 resistance level three times in recent weeks. This repeated attempt to breach the formidable barrier has ignited speculation about the potential for a new all-time high (ATH) if the resistance can be decisively broken.
Bitcoin’s recent price action has been characterized by its struggle to break past the $72,000 mark. The $72,000 mark has become a line in the sand for Bitcoin, representing a level of resistance that has been difficult to overcome.
This resistance level has proven to be a significant psychological and technical barrier for traders and investors alike. Each of the three tests of this level was met with strong selling pressure, preventing BTC from making a sustained move higher.
However, should Bitcoin manage to break above this level, it could trigger a short squeeze, potentially catapulting the currency to a new all-time high (ATH) of $75,000.
Market analysts and traders are closely monitoring Bitcoin’s price behavior at this resistance level. The repeated tests suggest building momentum that could potentially lead to a breakout. Historically, such persistence often precedes significant price movements, as resistance levels tend to weaken with each successive test.
Bitcoin requires breach of $72,000
Glassnode cofounders, named Negentropic on X, highlight the significance of BTC testing the $72,000 resistance level thrice. While this remains a formidable barrier, they note that a confirmed break above this key level could push BTC to a new ATH of $75,000.
According to Negentropic, the $72,000-$74,000 range is marked by high supply and selling pressure. A sudden breach here could trigger a short squeeze, propelling BTC to unprecedented heights.
In the very short term, the chances for Bitcoin range trading remain, with prices expected to range between $64,000 and $72,000. This consolidation phase might give altcoins a chance to shine.
At the time of writing, BTC was down 0.60% in the last 24 hours to $68,191 after dipping to lows of $67,437, as fears arose over the recent Mt. Gox-Era Bitcoin shift.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Source link
