Bitcoin BTC’s Path to $70k: Can BTC Overcome the $66.7k Resistance?

  • 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

BTCUSDT 4H Chart on Binance
BTCUSDT 4H Chart on Binance

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

Bitcoin liquidation heatmap 23 MAR
Bitcoin Liquidation Heatmap Source: Coinglass

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.

Conclusion

As Bitcoin teeters near the $66.7k resistance, its ability to break through could dictate the short-term market trend, with implications for both BTC and the wider crypto market. Investors should monitor key resistance and support levels, alongside liquidation data, to make informed decisions. A careful approach is advised, especially near the $69k and $62k levels, to navigate potential volatility and capitalize on market movements.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Bitcoin Reacts to Fed’s Likely 25bps Cut: Markets Brace for Powell’s Dot Plot and Global Rate Decisions

Recent macro releases — a moderate CPI and PPI...

Vitalik Buterin Announces Ethereum’s 10x Capacity Push via Layer-2 at EthTokyo 2025, Urges Asian Developers

At EthTokyo 2025, Ethereum co‑founder Vitalik Buterin outlined a...

Bitcoin Dominance Drops to 57.35%, Nearing 2025 Low as Matrixport Signals Altseason

COINOTAG reported on September 13 that market data shows...

HIFI Liquidations Exceed $30.48M Ahead of Binance Delist Sept 17 as Token Surges 945%

COINOTAG reported on September 13, citing Coinglass data that...

Alex Thorn Says U.S. Likely to Create Strategic Bitcoin Reserve This Year

According to Cointelegraph, Galaxy Digital Global Head of Research...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img