#BTC‬

Bitcoin’s $69K ATH Test Leads to Massive Rollercoaster but What’s Next? (BTC Price Analysis)

Mar 6, 202418:38 GMT+1

BTCEUR+5.07%BTCGBP+5.10%

Bitcoin has achieved a significant milestone by reaching its all-time high of $69K after 847 days, reflecting a notable surge in confidence within the cryptocurrency market.

However, this achievement is accompanied by expectations of heightened volatility in the mid-term, leading to the liquidation of numerous futures market positions. Technical Analysis

By Shayan The Daily Chart

A detailed examination of the daily chart highlights Bitcoin’s impressive rally, driven by increased demand and significant capital inflows into spot Bitcoin ETFs, including notable participation from Blackrock. This surge has propelled the price past several critical resistance levels, culminating in Bitcoin’s historical high of $69K.

Despite this upward momentum, the $69K price region presents a significant resistance area characterized by a notable supply overhang, primarily from futures market short positions. This dynamic has contributed to increased volatility, resulting in a 7% decline in price. Additionally, as profit-taking ensues, heightened selling pressure may trigger a temporary phase of consolidation correction.

In the event of a retracement, Bitcoin’s primary support targets on the daily chart lie within the $53K to $49K range. Nonetheless, the broader outlook remains bullish, with Bitcoin eyeing the psychologically significant $100K price region.The 4-Hour Chart

A closer inspection of the 4-hour chart confirms Bitcoin’s bullish momentum, culminating in attaining the $69K all-time high. This surge underscores investor confidence, driving heightened demand for the cryptocurrency.

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