Bitcoin: Why crossing $71.5K is critical for a fresh rally – perspective by AMBCrypto
Bitcoin (BTC) has experienced a significant uptrend over the past week, with a price surge of approximately 12.8%.
Bitcoin’s 30-minute chart showed that the cryptocurrency recently tested a demand zone without showing signs of upward movement.
Typically, testing a demand zone suggests an impending upward continuation. However, if Bitcoin fails to maintain this zone, we might see a further drop to the $66,000 levels before the uptrend resumes.
Meanwhile, the analysis of the liquidation heatmap indicated that significant liquidity existed from $73,300 upwards.
This suggested that Bitcoin could potentially surpass its all-time high, with a target of $76,900 as the next peak.
Liquidation heatmaps are crucial for traders to identify areas of high liquidity, where large liquidations are likely to occur, providing insight into potential price movements.
