Bitcoin (BTC) experienced a significant retracement of 15.4%, retreating from its recent peak at $73.7k and settling down at $60.8k on March 20 before bouncing back to $70k. At the time of writing, Bitcoin is worth $69,091, with a 24-hour trading volume of $87.95 billion and a market capitalization of $1.36 trillion. Over the last day, the BTC price has decreased by 1.97%.
Bitcoin Hits $70K Resistance; Analysts Eye ATH Retest
According to crypto analyst Michaël van de Poppe, Bitcoin is currently facing a hurdle at around $70,000 level, which is causing quick, volatile swings in its short-term price fluctuations.
However, despite facing this challenge, Michael van de Poppe maintains an optimistic outlook, stating that if BTC can hold above $67k, there could be chances of retracing its ATHs going forward. In addition to his analysis, the peak of bullish momentum may be an indication that Bitcoin’s all-time high (ATH) is next on the cards, according to van de Poppe.
Also, Ali Martinez pointed out a critical hurdle at the level of $70K for Bitcoin (BTC). The most substantial resistance zone exists within a range of $70,180 to $70,600, where there are a number of addresses holding between 292,000 and 397,000 Bitcoin (BTC).
Martinez suggests that if Bitcoin manages to surpass this barrier, it could pave the way for further upward movement, potentially leading to new all-time highs. This observation underscores the significance of the $70,000 threshold and the substantial amount of Bitcoin held within this range by various addresses.
Another Cryptocurrency analyst, Rekt Capital, has shared some perspective about where Bitcoin is heading. Currently, BTC is within a certain range that can be identified by black lines drawn on this chart. Interestingly, there are early signs suggesting the likelihood of BTC making a Lower High (red line).
Therefore, the recent price action demonstrates that there is already a Lower High seen in the upper wicks. However, attention must now be paid to whether Lower Highs will also be confirmed in the candle-bodied highs. This would further suggest that the Pre-Halving Retrace phase may not yet have finished.
Given that it’s still mid-week, there’s still room for fluctuations since this situation can change especially when it comes to a probable Lower High. This aspect should, therefore, be watched closely by participants and observers alike in the coming days.
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