Analyst Jelle predicts that Bitcoin might reach $75,000 by the upcoming weekend. However, Bitcoin faced an 18% correction, dipping below $61,000. Despite this setback, it managed to bounce back, surpassing $71,500, although it experienced another decline afterward.
Following Coinbase’s decision not to dismiss the lawsuit filed by the US Securities and Exchange Commission (SEC), both Bitcoin and the wider crypto market experienced a downturn. Coinglass data reveals that approximately $239 million worth of cryptocurrency was liquidated within the last 24 hours, with a notable portion of these positions being long, totaling $166 million.
Bitcoin Faces Resistance as Analyst Identifies Key Barrier
Renowned crypto analyst Ali Martinez has pinpointed the primary resistance zone for Bitcoin, ranging from $70,180 to $70,600. IntoTheBlock’s data reveals a significant concentration of 291,000 addresses that purchased Bitcoin at an average price of $70,223, currently finding themselves in an out-of-the-money position.
Bitcoin’s Unrealized Profit Levels and Halving Expectations: Data from Glassnode highlights Bitcoin’s attainment of a “statistically significant level” in terms of unrealized profit within its supply. Despite this, with only 21 days remaining until the next Bitcoin halving, a notable cohort of investors remains hopeful for a substantial price surge leading up to the event.
Current Bitcoin Trading Position: At the time of the report, Bitcoin was trading at $68,690, nearing its previous all-time high of $69,000.
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.
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