Bitcoin key price levels to watch as bullish

With Bitcoin’s (BTC) current rally showing no signs of slowing, the asset has surged past key resistance levels, and an analyst has identified crucial price levels to watch.

Notably, the flagship cryptocurrency has hit a record high of $80,000, buoyed by the post-election rally, with the expectation that Bitcoin will target $100,000 next.

To this end, cryptocurrency trading expert Alan Santana observed that if Bitcoin makes a weekly close above $75,000, it will confirm a bullish bias, with past resistance levels turning into support, he noted in a TradingView post on November 10.

Based on the technical setup, Santana stated that the $69,000 level, representing the peak of November 2021, remains a key marker acting as strong support. The April 2021 high of $65,000 is another crucial level to watch, and investors should anticipate further gains if Bitcoin maintains its valuation within this range.

As long as Bitcoin trades/moves above these levels, we are bullish and expect sustained long-term growth. With a bullish Bitcoin, the Altcoins will also grow.

At the same time, Santana cited the unique nature of the current rally, noting that whales are at the center of the price movement. On-chain data indicates that billions of Tether (USDT) continued to be minted, signaling increased buying interest.

Need for caution with Bitcoin’s rally

On November 11, a crypto technical analyst with the pseudonym Crypto Patel suggested that the maiden digital asset’s next stop could be between $150,000 and $200,000, a record high.

However, he cautioned that investors should anticipate a bear market once the record high is attained, which could push Bitcoin back to $60,000 to $80,000.

Bitcoin price analysis

Bitcoin was trading at $79,460 at press time, up almost 4% in the past 24 hours. The weekly chart shows BTC up 16%.

As things stand, Bitcoin appears to be heading higher, but caution is needed. Investors should monitor the support and resistance levels at $75,000 and $80,000, respectively, as these will likely determine Bitcoin.