Bitcoin just touched the 70,000 resistance and it even moved above the 29-July peak price which sits at 70,050. Does this means that 100,000 is now guaranteed? What happens now?
Moving above 70,000 is definitely a major milestone and a bullish development but we would need confirmation first. It can happen that Bitcoin pierces above this level today, moves up for a few days and comes crashing back down so we wait for confirmation.
➢ Today is a Monday and the week is just getting started. If Bitcoin can stay above 70,000 by the end of the week, we can say that this resistance level has been conquered and we have a higher high and the first one in three months.
➢ If Bitcoin moves a little while above 70,000 but then move back down, we would say we have a failed breakout or bull-trap and this would give further strength to the bearish case.
We see a wick above 70,000 but trading volume is still low. Wait for confirmation...
Since the month is ending this week, we can look for both a weekly and monthly close above 70,000/71,000 to get a bullish confirmation.
If Bitcoin fails to stay above this level, it means that the current rise is part of the previous inverted correction.
There is still resistance at 72,000 (7-June) and ~74,000 (14-March).$BTC