Bitcoin's support level can become resistance if broken.
The price of Bitcoin increased by more than 7% in the last week and reached about $67,500. This level could be a new support, but if broken, it could become resistance. Short-term investors (people who hold their bitcoins for less than 6 months) control more than half of the total market value, and their buying and selling has a huge impact on the price. The key level to hold is $61,500,000, as this is the average price these short-term investors have been buying. If the price falls below this level, it can cause more selling and further price reduction. However, if Bitcoin can hold above $67,500, some analysts believe it could reach new all-time highs.
