Bitcoin continues its uptrend according to the latest technical indicators and has the potential to surpass $80,000 according to analysts. Analyst Stockmoney Lizards points out the importance of Bitcoin retesting the $63,500 level and establishing solid support there. Staying above this level could create a significant acceleration in the price of Bitcoin.
Critical Resistance Level for Bitcoin is $72,000
Stockmoney Lizards states that it is of great importance for Bitcoin to overcome the $ 72,000 resistance. Exceeding this level may cause the price to gain momentum. The analyst predicts a two-phase scenario when Bitcoin approaches this resistance. In the first stage, a false breakout may occur where the price is expected to experience a short-term decline and many short and long positions are expected to be liquidated. This phase is seen as a market cleansing, driving away weak investors and setting the stage for a more significant price increase. After the fake breakout, Bitcoin is expected to show a rapid and high-volume rise. With renewed investor confidence and market momentum, Bitcoin is considered likely to surpass $80,000. The analyst predicts the timing of this move between late August and early September and expects a strong Bitcoin rally as the summer recession ends.
It is important for Bitcoin to establish solid support at $63,500.
Breaking the $72,000 resistance could cause the price to accelerate.
A high volume rise is expected after the fake breakout.
A strong Bitcoin rally is predicted between late August and early September.
Bitcoin aims to regain $70,000 after some declines at the beginning of the week. This move is supported by expectations around Donald Trump's speech at the Bitcoin Conference. However, analyst Ali Martinez points out that the impact may be lower than expected. At the time of writing, Bitcoin had risen to $69,399 and this increase was at the level of 4%.
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