Bitcoin (BTC) Price Is Back on Track, Key Resistance to Watch
The digital currency ecosystem is in recovery mode and Bitcoin (BTC) price has also joined this long-awaited recovery. At the time of writing, market data pegged Bitcoin’s spot price at $69,485.93, a marginal increase of 0.29% in 24 hours.
Bitcoin 1D chart. Source: CoinMarketCap
Bitcoin Price and Ahead Resistances
Bitcoin price showed strong resistance last week, staying above the key support level of $68,020. Despite the bearish movements in the market, it is becoming clear that Bitcoin is poised for a major rise. According to different analysts’ predictions, the digital currency may be planning a move that will set $70,000 as the first significant resistance point. watch.
When the Bitcoin price broke through the $70,000 mark for the first time, the cryptocurrency rose to an all-time high of $73,750.07. At the current price level, Bitcoin is approximately 5.8% below this ATH and many predictions are predicting that the coin will surpass this level soon. Last month, Bitcoin price rose by 2.11% to $71,946.46. This puts the $71,000 level as a crucial point to watch.
As seen on the BTC chart, the $71,000 price mark emerges as a very important turning point for Bitcoin. If the price of the flagship coin breaks the bear pressure of $70,000 and $71,000, there will be no major resistance to stop it from surpassing the previous all-time high. Despite the noticeable declines in the price of the cryptocurrency in the last few days, the profitability of BTC addresses remains at 94.9%. This suggests that immediate selling pressure from former HODLers is relatively low.
This left Bitcoin ready for a reboot, complete with the Relative Strength Index (RSI) reading at 44.1. This indicates a slight oversold, which is indicative of a potential change in trend.
BTC Metrics Are Promising
Bitcoin is in a very unique position for an uptrend. This is because their metrics are stronger than ever as spot Bitcoin ETF products receive more BTC assets from exchanges than expected.
With a 19-day streak of net inflows recorded so far, the spot Bitcoin ETF has created the right environment for prices to recover soon, supported by the supply shortage in the last half. According to Anthony Scaramucci, Bitcoin could rally towards $700,000 in the long run, according to predictions from leading industry experts.
Conservative estimates peg the cryptocurrency’s price at $100,000 before the end of this year.
Read More: AI Tokens FET, AGIX and OCEAN Could Lead the Market Recovery, Here’s Why
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about real-life applications of blockchain technology and innovations to ensure mainstream acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture. follow him excitementLinkedIn
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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