🚨Bitcoin's $69,330 Resistance: Will It Skyrocket or Crash?🔥
Bitcoin's price could either surge to $74,400 💹 or plummet to $68,050 📉, hinging on a crucial resistance level, according to analyst Ali Martinez. Currently trading at $69,031, Bitcoin is nearing this critical point, with its future hanging in the balance ⚖️.
On the 4-hour chart 📊, Bitcoin has formed an asymmetrical triangle 🔺, indicating a potential price jump if it closes above the $69,330 resistance. This formation occurs when two trendlines with opposing slopes converge, signaling a breakout above the resistance 🚀 or a correction down to the support level 📉.
Martinez also highlighted a sell signal from the Tom DeMark (TD) Sequential indicator ⏳, suggesting a potential drop to $68,050. The next move heavily depends on whether Bitcoin can surpass the $69,330 resistance 💪.
On-chain data 📡 adds another layer of insight. The Coin Days Destroyed (CDD) metric 📉, which measures the movement of long-term held coins, has dropped to 4.55 million, indicating reduced selling pressure and potentially supporting a bullish scenario 🐂. The liquidation heatmap 🗺️ reveals areas of high liquidity, which can attract price movements. Currently, there's significant liquidity at $70,300 💧, suggesting Bitcoin could rise to this level and, if successful, break out to $74,500 where another significant liquidity zone exists 💧.
Conversely, a rejection at the resistance could see Bitcoin falling to $65,050 🛑. Given these metrics and price action, Bitcoin seems poised to climb above $74,000 📈, provided it can overcome the critical resistance at $69,330. The next few movements will be crucial in determining its short-term trajectory 🔍.
Stay tuned and keep a close watch on Bitcoin's price movements 👀. The decision point at $69,330 could spell the difference between a major surge 📈 or a significant drop 📉. How will Bitcoin fare? Keep your eyes on the charts and be ready for the next big move! 🚀
