Bitcoin, the largest cryptocurrency asset by market capitalization, broke through the $70,000 resistance level today, demonstrating momentum for further upside. Exploring the significance of this development, cryptocurrency analyst and trader YG Crypto has underlines that Bitcoin must break above the level and maintain this breakout for the digital asset to regain its bullish momentum.
$70,000 price is crucial for Bitcoin
The analyst’s findings highlight the possibility of significant price swings if this hurdle is overcome and sustained, coinciding with renewed interest in BTC among institutional and individual investors. This resistance level is considered crucial to maintaining market optimism and propelling Bitcoin’s uptrend to new all-time highs.
Related reading: Analyst Predicts Bitcoin to Rise 18% in Next Market Move, Here’s How
YG Crypto noted that Bitcoin attempted to break through at the opening of the US market, but the barrier near the $70,000 mark persisted. “We could see another attempt soon, but a sustained breakout above this level is crucial to regaining bullish momentum,” he added.
Furthermore, the crypto expert pointed out that if the coin manages to overcome this hurdle, it could aim for even higher prices in the coming days. Thus, he urged the crypto community to pay attention to impending economic data that could impact investors‘ moods.
Well-known cryptocurrency expert Michael Van De Poppe also sharing information on the development, further proving that the level is critical for the next phase of the crypto asset. Michael Van De Poppe states that currently, BTC continues to climb slowly, which may have propelled the coin to cross the $70,000 price level. After the breakout, the analyst believes that BTC is likely heading towards a new all-time high in the foreseeable future.
At the time of writing, Bitcoin was trading between $70,990 and $71,000, indicating an increase of over 3% in the last 24 hours. Its market capitalization and trading volume have also seen positive sentiment, increasing by over 3% and 30%, respectively, over the past day.
BTC is close to a week before entering the parabolic phase
Bitcoin’s recent momentum has prompted several bullish price predictions from market experts recently, touting the coin as a potential asset in the rapidly evolving cryptocurrency market. Crypto strategist Rekt Capital has underlines the asset is about to move into a parabolic phase.
According to the analyst, BTC has returned to the upper range of the reaccumulation range and the result is unchanged. So the parabolic phase that the analyst previously predicted would occur after BTC exits re-accumulation, is just a weekly close above the high of the range before entering the phase.
However, past trends indicate that BTC may not be able to accomplish this goal within 50 days of the Reduce by half event. “Will historical trends prevail, or will Bitcoin continue its accelerated cycle with a historic breakout?,” he added.
Featured image from iStock, chart from Tradingview.com
