⬆️Bitcoin appears poised to surpass $70,000 after reclaiming a key level that traders have monitored for two months. The recent price rebound, with Bitcoin breaching $65,000 on Tuesday, has heightened interest among futures traders speculating on Bitcoin’s short-term price movements.
🔥Breaking the $65,000 barrier suggests Bitcoin is ready to move within the $65,000 to $71,500 range. Bitcoin has crossed the $65,000 mark before reaching $71,500 four times this year.
📌Currently trading at $65,732, Bitcoin could potentially reach its all-time high of $73,649, last achieved on March 13, if it climbs to $71,500. However, a substantial amount of short positions—totaling approximately $1.47 billion—could be liquidated at this level, reflecting a lack of confidence among some futures traders.
📌On the weekly chart, BTC has dropped to the EMA 34 level and then immediately bounced back. The EMA 34 is positioned above the EMA 89, indicating that the upward trend is still ongoing. If BTC closes the week candle nicely above the $65k range, it will be a positive signal for a potential price increase in the near future.
👉For those looking to short BTC in short-term futures trading, the resistance zone around $67,300 will be a critical area to consider for selling. Note that this is not investment advice; please make your own considerations before making any decisions.
