Bulls Hold Bitcoin at $70,000: Critical Support
Daily BTC/USDT chart analysis shows that bulls hold the advantage. The 20-day exponential moving average (EMA) is sloping up at $68,609 and the relative strength index (RSI) is in positive territory, signaling bullish momentum. If this trend continues, Bitcoin could target the next key resistance level at $73,777.
An important point to watch is the market reaction at $73,777. If Bitcoin encounters resistance here, there is a high possibility that the price will find support at the 20-day EMA. A bounce from this level would increase the likelihood of a break above $73,777, which could push Bitcoin to $80,000 and even higher, with a possible target of $88,000.
Conversely, if Bitcoin fails to sustain above the 20-day EMA, it could signal further extension of the range-bound price action. This shows that the market is not ready for a strong increase, prolonging the accumulation phase.
In summary, the ability to hold above $70,000 and market movements around $73,777 will determine the next phase of Bitcoin price movements. The bulls appear to have the advantage, but the coming days will be crucial to determine whether they can maintain this momentum and push Bitcoin to new highs.
