Bitcoin Faces Hurdles At $70,000: Analyst Predicts ATH Retest

Bitcoin (BTC) experienced a significant 15.4% retracement, pulling back from its recent high of $73.7k, settling at $68k on March 20th before rebounding to $70k. Did. At the time of writing, Bitcoin’s value is $69,091, with a 24-hour trading volume of $87.95 billion and a market capitalization of $1.36 trillion. Over the past day, BTC price has fallen by 1.97%.

Source: CoinMarketcap

Bitcoin hits $70,000 resistance. Analysts Eye ATH Retest

According to cryptocurrency analysts michael van de poppeBitcoin is currently facing a hurdle in the $70,000 range, and short-term price fluctuations are becoming more volatile.

However, despite facing this challenge, Michael van de Poppe remains optimistic and believes that if BTC can sustain above $67,000, there is a chance of regaining ATH in the future. states that there may be. Adding to his analysis, van de Poppe says that the peak of bullish momentum could indicate that Bitcoin’s all-time high (ATH) is coming next.

Also Ali Martinez pointed Bitcoin (BTC) has broken a significant hurdle at the $70,000 level. The most substantial resistance zone exists between $70,180 and $70,600, with a large number of addresses holding between 292,000 and 397,000 Bitcoin (BTC).

Martinez suggests that if Bitcoin can break through this barrier, it could pave the way for further gains, potentially leading to new all-time highs. This observation highlights the importance of the $70,000 threshold and the significant amount of Bitcoin held within this range by various addresses.

Another crypto analyst, Rekt Capital, said: share Some perspective on where Bitcoin is heading. Currently, BTC is within a certain range that can be identified by the black line drawn on this chart. Interestingly, there are early signs (red line) that suggest BTC may make a new low.

Therefore, recent price trends indicate that there is already a downside high on the upper wick. However, it is necessary to pay attention to whether the lower price is confirmed even at the candlestick high price. This further suggests that the pre-halving retrace phase may not be over yet.

Considering it’s only mid-week, there’s still room for movement as things could change, especially if lows are likely. Therefore, this aspect should be closely monitored by both participants and observers alike in the coming days.

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