The price of the largest cryptocurrency recently surged above $70,000. However, it’s uncertain if it can maintain this level. Bitcoin (BTC), the leading cryptocurrency by market cap, successfully reclaimed the $70,000 mark earlier today, reaching a peak of $70,230.
It has risen by 2.4% in the last 24 hours and is currently trading just below $70,000. Yet, it’s important to note that $70,000 has proven to be a strong resistance level that bulls have struggled to surpass. At the moment, Bitcoin is trading at $69,704 after relinquishing some of its gains.
Bitcoin Faces Technical Indicator Warning Amidst Price Struggles
Popular cryptocurrency trader Ali has highlighted concerns regarding Bitcoin’s price trajectory. According to Ali, the TD Sequential, a significant technical indicator, is currently indicating a sell signal on the four-hour chart. The analyst predicts a potential “one to four candlesticks correction” for the largest cryptocurrency.
Bitcoin’s inability to establish a firm footing above the $70,000 level on April 1 led to a notable decline back to the $65,000 level. However, the cryptocurrency swiftly recovered from this drop, demonstrating resilience in the face of market volatility.
Bitcoin Sentiment Indicates “Extreme Greed” on Fear & Greed Index
According to the Fear & Greed Index, which assesses Bitcoin sentiment daily, the largest cryptocurrency has returned to a state of “extreme greed.” This suggests that the market is exhibiting signs of excessive enthusiasm following a brief correction.
Anticipation Builds Ahead of Halving Event
The bulls are making another push to surpass the $70,000 resistance level, coinciding with the imminent halving event. With the event just 11 days away, expectations are high, fueled by increasing mainstream media coverage. Many anticipate heightened market activity as the event draws closer.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
