spot_img
8.5 C
London
Friday, December 6, 2024
HomeCoinpedia NewsBitcoin Price Prediction: Will Price Soar to $72k Without Revisiting the $64k...

Bitcoin Price Prediction: Will Price Soar to $72k Without Revisiting the $64k Support?

Date:

Related News

Trading Platform eToro Exploring Potential US IPO With Goldman Sachs: Bloomberg

The post Trading Platform eToro Exploring Potential US IPO...

XPLA Announces Roadmap to Onboard Nine dApps in 2024

XPLA, the blockchain mainnet developed by South Korean gaming...

Breakout Alert! XRP Set to Soar Again

The post Breakout Alert! XRP Set to Soar Again...

Australian Regulator AUSTRAC Targets Crypto ATM Providers in Money Laundering Crackdown

The Australian Transaction Reports and Analysis Centre (AUSTRAC) has...

Czech Republic Bitcoin Tax Exemption: A Game-Changer for Crypto Investors

The post Czech Republic Bitcoin Tax Exemption: A Game-Changer...

The post Bitcoin Price Prediction: Will Price Soar to $72k Without Revisiting the $64k Support? appeared first on Coinpedia Fintech News

As of now, Bitcoin remains above a crucial support level, maintaining a solid position on the price chart for larger time frames. The cryptocurrency is currently approaching major resistance in the short term while bouncing within a sideways price range. This movement brings it closer to major liquidity levels above, which could influence its next steps. Here’s a detailed analysis by analyst Josh of Crypto World.

Key Support and Resistance Levels

On the 2-day Bitcoin chart, Bitcoin is holding above an important resistance level, now acting as support, situated just above $65,000. This $65k mark is critical for maintaining a bullish outlook over the longer term. Moving to the daily chart, Bitcoin is trading in a significant range, marked by previous resistance, with a lot of trading volume noted between $66,700 and $68,300.

If Bitcoin closes daily candles below this range, it may drop to around $64,500, the next support area. However, if it breaks above $69,000 to $69,500 with confirmed candle closes, the next resistance could be near $72,000, potentially pushing towards its all-time high around $73,500.

Liquidity Analysis

Examining the Bitcoin liquidation heat map, liquidity is gathering above at levels just below $69,000, particularly in the range of $68,800 to $69,200. Major liquidity levels start at around $69,700, reaching up to $77,000. On the downside, liquidity is found between $64,700 and $64,200. This balanced liquidity on both sides contributes to the current neutral market sentiment.

Preparing for Future Moves

As we witness this period of consolidation, traders should be ready for a potential breakout. Historically, periods of sideways action often precede major price changes. Whether the next move is bullish or bearish, there are opportunities for profit through both long and short positions.

spot_img

Trending News

LEAVE A REPLY

Please enter your comment!
Please enter your name here