Analyst: After Bitcoin breaks through the $70,000 mark, it fluctuates and consolidates. The daily level outlook is bullish
According to analyst Army Duck on X, the daily line of BTC shows a long solid bullish candlestick, with trading volume three times that of the previous day, indicating significant buying power. Currently, after a substantial increase, the price of BTC is fluctuating near the $70,000 mark. It has temporarily broken through this key level but there is risk of short-term correction. Investors are advised to enter only after prices stabilize. The MA30 on the daily chart continues its upward trend and MACD indicator has shifted from downward momentum to upward momentum indicating strengthening bullish force.
From a technical analysis perspective, BTC's main resistance lies between $71,600 and $74,000 while support levels are between $67,880 and $61,950. The hourly chart shows a rebound at 30-minute intervals without any technical divergence; for short-term operations it is suggested to buy in between $69,260 and $68,790 and consider going short around $71320. In addition,the market liquidation chart indicates large pending shorts within the range of 70350-71450 while large pending longs are concentrated within 68700-65200 range.These factors will be key in determining short term price movements.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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