Bitcoin, the largest cryptocurrency asset by market cap, broke through the $70,000 resistance level today, demonstrating momentum for further upsurge. Delving into the significance of this development, cryptocurrency analyst and trader YG Crypto has emphasized that Bitcoin must break above the level and maintain that break in order for the digital asset to regain its bullish momentum.
The $70,000 Price Mark Is Crucial For Bitcoin
The analyst’s findings underscore the possibility of large price swings if this barrier is overcome and sustained, which coincides with the resurgence of interest in BTC among institutional and individual investors. This resistance level is believed to be crucial for sustaining market optimism and propelling Bitcoin’s upward trend toward new all-time heights.
Related Reading: Analyst Projects Bitcoin To Surge 18% In Next Market Move, Here’s How
YG Crypto noted that Bitcoin tried to break out when the United States market opened, but the barrier near the $70,000 mark persisted. “We might see another attempt soon, but a sustained break above this level is crucial for regaining bullish momentum,” he added.
Furthermore, the crypto expert highlighted that should the coin manage to clear this obstacle, it may aim for even greater prices in the coming days. Thus, he has urged the crypto community to watch out for impending economic data that may have an impact on investors‘ moods.
Well-known cryptocurrency expert Michael Van De Poppe has also shared insights on the development, further proving that the level is critical for the next phase of the crypto asset. Michael Van De Poppe claims that currently, BTC keeps grinding higher slowly, which may have propelled the coin to break through the $70,000 price level. Following the breakout, the analyst believes BTC is probably headed for a new all-time high in the foreseeable future.
At the time of writing, Bitcoin was changing hands between $70,990 and $71,000, indicating an over 3% increase in the last 24 hours. Both its market cap and trading volume have also seen positive sentiment, rising by over 3% and 30%, respectively, in the past day.
BTC Is One Weekly Close From Entering The Parabolic Phase
Bitcoin’s recent momentum has garnered several bullish price predictions from market experts lately, presenting the coin as a potential asset in the rapidly changing cryptocurrency market. Crypto strategist Rekt Capital has underlined the asset is on the brink of transitioning into a parabolic phase.
According to the analyst, BTC has returned to the Range High of the Re-accumulation Range and the result is unchanged. Thus, the parabolic phase which the analyst previously predicted will occur after BTC breaks out of the re-accumulation, is only one weekly close above the range high from entering the phase.
However, past trends indicate that BTC might not be able to accomplish this within 50 days after the Halving event. “Will historical tendencies prevail, or will Bitcoin continue its Accelerated Cycle with a historic breakout?, he added.
Featured image from iStock, chart from Tradingview.com
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