Will BTC Break 70000 USD? Key Levels to Watch
Updated
Bitcoin (BTC) is currently testing a key resistance and liquidity zone at around 69,500 USD. This level has proven to be a significant barrier for the price action in the recent past.
If BTC can successfully break above this 69500 - 70000 USD resistance level, it could trigger a strong bullish move. The next major target would be the all-time high at 73,000 USD, where Bitcoin may face another resistance level. A decisive breakout above 69,500 USD would signal a potential continuation of the uptrend.
However, if BTC fails to surpass the 69,500 USD resistance zone, the price action might enter a sideways phase. In this case, there's a possibility of a downward move to sweep the liquidity at the 64,000 USD level before potentially resuming its upward trajectory. This liquidity grab could provide an opportunity for buyers to step in and drive the price higher.
From a long-term perspective, I believe Bitcoin remains in an overall uptrend. As a result, a major portion of my portfolio is allocated to long positions, reflecting my bullish outlook on the asset. However, to manage risk and capitalize on potential short-term price fluctuations, I have also opened a small short position to speculate on the current price action around the resistance zone.
By diversifying my positions, I aim to benefit from both the potential upside if Bitcoin breaks above the resistance and the potential downside if it fails to do so. This approach allows me to adapt to different market scenarios while maintaining an overall bullish bias for the long term.
If BTC can successfully break above this 69500 - 70000 USD resistance level, it could trigger a strong bullish move. The next major target would be the all-time high at 73,000 USD, where Bitcoin may face another resistance level. A decisive breakout above 69,500 USD would signal a potential continuation of the uptrend.
However, if BTC fails to surpass the 69,500 USD resistance zone, the price action might enter a sideways phase. In this case, there's a possibility of a downward move to sweep the liquidity at the 64,000 USD level before potentially resuming its upward trajectory. This liquidity grab could provide an opportunity for buyers to step in and drive the price higher.
From a long-term perspective, I believe Bitcoin remains in an overall uptrend. As a result, a major portion of my portfolio is allocated to long positions, reflecting my bullish outlook on the asset. However, to manage risk and capitalize on potential short-term price fluctuations, I have also opened a small short position to speculate on the current price action around the resistance zone.
By diversifying my positions, I aim to benefit from both the potential upside if Bitcoin breaks above the resistance and the potential downside if it fails to do so. This approach allows me to adapt to different market scenarios while maintaining an overall bullish bias for the long term.
Note
This is a critical moment. The third attempt to break the trendline has still not succeeded. Buying and selling forces are currently battling each other. Let's see who will come out on top.
Note
A notable high volume was observed on the long green candle as Bitcoin approached the $70,000 mark, indicating strong buying pressure at this key level. This suggests that many market participants are actively accumulating Bitcoin, which could potentially fuel a breakout above the resistance.Interestingly, the subsequent red candle, signaling a slight pullback, was accompanied by relatively low trading volume. This low selling pressure during the pullback is a positive sign, as it implies that the majority of traders are holding their positions and not rushing to sell.
The combination of high volume on the bullish candle and low volume on the bearish candle near the resistance level is known as a "Volume Confirmation" or "Volume Divergence" pattern. This pattern often precedes a potential upside breakout, as it demonstrates strong buying pressure and weak selling pressure.
Note
Bitcoin has decisively broken above the $70,000 resistance level, confirming the bullish momentum and paving the way for a potential uptrend toward the all-time high at $73,000, as buying pressure has grown stronger with each test of the resistance line, leading me to believe it can sustain this momentum until it reaches the all-time high.
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