Bitcoin (BTC) Price Is Back On Track, Key Resistance Levels To Watch 🐃
The digital currency market is recovering, and Bitcoin (BTC) has joined this overdue rebound. Currently, Bitcoin's spot price stands at $69,485.93, reflecting a slight increase of 0.29% in the past 24 hours.
### Bitcoin Price and Resistance Levels
Bitcoin has shown strong resilience, maintaining a key support level at $68,020 over the past week. Despite bearish market pressures, analysts suggest that Bitcoin is poised for a significant upward move, potentially targeting the $70,000 resistance level as the next milestone.
When Bitcoin first surpassed $70,000, it reached an all-time high (ATH) of $73,750.07. Currently, it is about 5.8% below this ATH, with many forecasts predicting it will exceed this level soon. In the past month, Bitcoin's price surged to $71,946.46, marking a 2.11% increase, making the $71,000 level crucial.
The $71,000 price mark is a pivotal point for Bitcoin. If it breaks through the resistance at $70,000 and $71,000, there are no significant barriers to prevent it from surpassing its previous ATH. Despite recent price fluctuations, 94.9% of BTC addresses remain profitable, indicating low immediate selling pressure from long-term holders.
### Promising BTC Metrics
Bitcoin is well-positioned for a bullish rebound due to robust metrics. Spot Bitcoin ETF products have been acquiring more BTC from exchanges than expected, with a 19-day net inflow streak so far. This supply shortage, combined with expert projections, suggests Bitcoin could reach $700,000 in the long term, according to Anthony Scaramucci.
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