Bitcoin (BTC) has demonstrated strength today, pushing its price close to $70,000. The crypto has surged approximately 30% from its recent low of $53,000, approaching a critical resistance level near its all-time high (ATH).
Crypto analyst Sjuul from AltCryptoGems shared insights on this price movement. He noted that this resistance level is pivotal, as it represents the point at which Bitcoin may either break into new price discovery or face a key obstacle.
$BTC / $USDT – TA OTD Impressive strength today, pushing the price to $70k.We've seen an unstoppable 30% rally from the low at $53K, and now we're approaching a critical point: diagonal resistance and the ATH level.Time to grab your coffee and follow me! pic.twitter.com/1IN3FOO8mh
— Sjuul | AltCryptoGems (@AltCryptoGems) July 29, 2024
Bitcoin Price Analysis
Sjuul notes that Bitcoin has been consolidating within a range for the past five months. This consolidation began in February 2024, following a 200% rally last year.
During this period, Bitcoin’s price has shifted between $60k and $70k, with a brief dip to $53k earlier this month.
The current price action represents Bitcoin’s sixth attempt to break through the resistance level around $70,000. “The more a level is tested, the weaker it becomes!” Sjuul emphasized.
This resistance is particularly key as it coincides with Bitcoin’s all-time high. A breakthrough could propel the crypto into new highs.
Sjuul highlighted the “power of 3 setup” as a key technical indicator. This setup, combined with the Daily EMA200, has provided strong confluence. It confirms the beginning of an expansion phase, suggesting potential for further upside movement.
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BTC Price Prediction
If Bitcoin manages to break its ATH, Sjuul predicts a possible move towards $100k. This target is based on Fibonacci extension levels, with the key 1.618 Fibonacci level aligning with the six-figure mark.
However, the analyst cautions against rushing into long positions at current levels.
Two important price levels emerge from the liquidation heat map. The resistance around $72k is crucial for Bitcoin to enter price discovery mode.
Moreover, below the current price, a support cluster formed during a recent speech by former President Trump sits at approximately $63k.
Institutional Interest Remains a Factor
Last week saw decent inflows into Bitcoin spot ETFs. However, Sjuul notes that these inflows were not spectacular. The coming week may provide insights into whether traditional investors will increase their Bitcoin exposure.
While the overall outlook appears bullish, Sjuul recommends patience. Traders might consider waiting for a dip to the 4-hour EMA200 level or for a clear breakout above resistance before entering new positions.
This approach balances potential upside with prudent risk management.
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The post Bitcoin Price Prediction: BTC Tests $70K Resistance – $100K Target Next? appeared first on CaptainAltcoin.
