Bitcoin has just crossed the $70,000 resistance level, even surpassing the July 29 peak of $70,050. Does this mean a move to $100,000 is inevitable? Not so fast – here’s what to watch next.
Hitting $70,000 is undoubtedly a bullish milestone, but confirmation is still key. While Bitcoin’s upward push could continue for days, a quick pullback is possible, so it’s wise to hold out for a clearer signal.
Weekly Confirmation Is Key: It’s Friday, and if Bitcoin can close out the week above $70,000, we may consider this resistance level officially broken, marking the first “higher high” in three months.
Beware of a Potential Bull Trap: If Bitcoin briefly moves above $70,000 only to drop back down, it could be a “failed breakout” or bull trap, strengthening the bearish case.
The wick above $70,000 is promising, but low trading volume suggests caution. With both the weekly and monthly closes coming up, look for a close above $75,000-$76,000 to confirm a sustained bullish trend.
If Bitcoin fails to hold these levels, this recent surge might simply be a continuation of the prior inverted correction.
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