Bitcoin Teeters On The Edge Of Glory: Will It Smash The $70,000 Resistance?

Bitcoin‘s price has been advancing steadily, reaching a new peak of around $68,000 and threatening to surpass its previous record high.

At this performance level, the digital currency demonstrates a combination of investor trust, market pressures, and economic elements that collectively showcase its robustness and allure.

Bitcoin expert Ali the Crypto Analyst has lately highlighted an important turning point for Bitcoin’s price trend. He’s pointed out a substantial barrier that may impact Bitcoin’s near-term price fluctuations.

Key Resistance Awaits

In simpler terms, Ali’s research highlights a significant hurdle for Bitcoin’s price reaching a new all-time high. According to his findings, there is a resistance level at $70,320 with a total volume of 599,260 BTC owned by 736,380 investors. This barrier could prevent further price increases.

Reaching this level could possibly trigger Bitcoin’s growth, making it even more dominant in the world of cryptocurrencies.

Hundreds of thousands of investors have prepared strategically by placing their bets on Bitcoin, viewing it as a form of digital gold and collectively anticipating its potential growth.

Bitcoin has stabilized around the price of $68,300, but if it falls below this level, it may trigger a drop to the support zone between $65,250 and $63,150. Approximately 760,000 Bitcoin wallets contain around 520,000 coins in this price range.
On the brighter side, securing $70,320 as support is vital for #BTC next leg up!
— Ali (@ali_charts) April 1, 2024

Currently, the crypto market’s mood has been unpredictable, causing Bitcoin to take a small step back. Over the past week, its value decreased by 1.4%, and within the last day, it dropped further by 2.4%. At present, Bitcoin is priced at $68,448.

Bitcoin Teeters On The Edge Of Glory: Will It Smash The $70,000 Resistance?

Caution Amid Bitcoin Record Streak

In the current situation, Jim Cramer, a writer and ex-hedge fund manager, has shared his perspective, implying that the market appears to be significantly overbought based on his observations.

Bitcoin has reached a significant achievement with seven consecutive months of positive gains, a feat last seen in 2012. This prolonged upward trend can be clearly observed through the monthly candle charts, which show the closing price exceeding the previous cycle’s highest point.

An additional fuel to the current market perception that Bitcoin is overbought was added by Jim Cramer’s comment. Notably, the seventh wealthiest Bitcoin wallet withdrew approximately 8,889 BTC, equivalent to around $627 million, from Bitfinex as reported by Peckshield.

Despite Cramer’s remarks, these statements have triggered disagreements and doubt within the cryptocurrency world, leaving some to speculate that they were made as an April Fool’s prank.

April Fools + Cramer Signal = Massive rip incoming

— TB – JDUN (@Jduntrades) April 1, 2024

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2024-04-02 05:10