The world of cryptocurrency is seeing a resurgence, with the price of Bitcoin (BTC) finally joining the upward trend that many have been waiting for. Recent data shows that Bitcoin’s spot price has increased by 0.29% in the last 24 hours, reaching $69,485.93 with minimal volatility. Last week, Bitcoin demonstrated strong resilience by staying above the key support level of $68,020.
Key Resistance Levels for Bitcoin
Despite some bearish activity in the market, Bitcoin appears poised for a significant upswing. Analysts predict that the first major resistance point to watch for in the cryptocurrency is the $70,000 mark. Keep up with the latest financial and business news by visiting COINTURK FINANCE.
When Bitcoin first crossed the $70,000 threshold, it reached an all-time high of $73,750.07. Currently, Bitcoin is around 5.8% below this ATH, with many forecasts suggesting that BTC will surpass this level soon. Over the past month, the price of Bitcoin has risen by 2.11%, hitting $71,946.46. The $71,000 mark is seen as a crucial level to monitor by cryptocurrency experts, as it could potentially signal a turning point for Bitcoin. If the price of the leading cryptocurrency breaks through the $70,000 and $71,000 barriers, there may be little resistance preventing it from surpassing its previous all-time high.
BTC $700,000 Prediction
Despite recent price fluctuations in the cryptocurrency market, the profitability of BTC addresses remains at a high of 94.9%, indicating reduced selling pressure from long-term holders. These metrics, combined with a relative strength index (RSI) reading of 44.1, suggest that Bitcoin may be oversold and primed for a trend reversal.
Bitcoin is in a unique position for an upward trajectory, with spot Bitcoin ETF products accumulating more BTC from exchanges than expected, strengthening their metrics. With a 19-day net inflow streak and a supply shortage in the latter half, the spot Bitcoin ETF has created a favorable environment for a price recovery in the near future. According to industry expert Anthony Scaramucci, Bitcoin could potentially reach $700,000 in the long run, while other analysts predict a price of $100,000 by the end of the year.
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