Bitcoin has been on a thrilling ride, recently bouncing from a low of $52,500 to reclaim the $60,000 mark. But the big question is: can this momentum carry the price above the $70,000 range? While optimism runs high, market analysts suggest that breaking through this range might not be as easy as it seems.
Over the past week, Bitcoin has continued to post lower highs on the weekly chart. This pattern, combined with deep sell-offs and liquidation-driven price movements, has kept Bitcoin in a structured downtrend, despite the short-term rallies. For bulls to truly regain control, the crypto giant would need to post weekly candle closes above $65,000—an area that has served as a formidable barrier.
According to market data, key resistance zones loom between $62,000 and $65,000. The Fibonacci retracement levels, Bollinger Bands, and the 200-day moving average all point to this area as a critical wall. To break through, Bitcoin will need more than just momentum from forced liquidations; it will require sustained buying pressure from investors.
Zooming into the daily action, savvy traders have been profiting by riding the dips and selling at key Fibonacci levels. However, the overall structure suggests that Bitcoin's rally may be capped in the $62,000 to $63,000 range unless there is a significant shift in market demand.
One of the key challenges remains the lack of sustainable spot demand. As in previous weeks, much of the upward movement has been driven by forced buying during liquidation events, rather than organic demand. Without this sustained interest from buyers, Bitcoin's rally could lose steam before breaching higher resistance levels.
For now, Bitcoin’s bulls may be charging toward $60,000 and beyond, but whether they have the strength to break the $70,000 ceiling remains to be seen. With resistance zones tightening and structural trends still leaning bearish, the crypto market awaits the next big move.
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