Bitcoin challenges the critical $66,700 resistance level with sights set on a $72,500 target.
Failure to surpass $66,700 could lead to a pullback towards the $57,780 – $56,300 support zone.
“A successful breach above $66,700 could signal an upcoming rally for altcoins as well.”
Exploring Bitcoin’s potential resurgence to $70k, this analysis scrutinizes the pivotal $66.7k resistance level, subsequent targets, and the significance of liquidation levels for investors.
Mid-Term BTC Analysis
Analyzing the 4-hour technical chart, Coinotag analysts highlight the $66,700 resistance as crucial for Bitcoin’s continued ascent. Failing to secure closures above this level could increase the likelihood of a downturn. Recent activity saw Bitcoin rebound from the $62,300 – $61,200 support range to $64,600, keeping alive the potential to reach the $72,500 resistance, provided it maintains above this support. Yet, Bitcoin must first achieve 4-hour candle closures above $66,700, a move that could also indicate a bullish continuation for altcoins.
Investor Focus: Support at $61,200
Investors should closely monitor the $61,200 support level. A closure below this threshold could precipitate a drop to the $57,780 – $56,300 support zone, making it an optimal entry point for long-term spot investments. This area could offer a significant buying opportunity should a decline occur.
The Message from Bitcoin Liquidation Data
Liquidation levels offer insights into potential market movements. With significant short liquidations at the $69,000 level, a surge to this price could trigger $327 million in short liquidations, potentially driving the price higher. Conversely, a drop to $62,000 may liquidate $400 million in long positions, favoring short positions and potentially leading to further declines. Watching these liquidation thresholds can provide strategic advantages in anticipating market direction.
