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The cryptocurrency ecosystem continues to recover, and Bitcoin (BTC) price has joined this long-awaited upward trend. According to the latest data, Bitcoin’s spot price increased by 0.29% within 24 hours, moving at $69,485.93 with low volatility. The Bitcoin price showed strong resistance by staying above the fundamental support level of $68,020 last week.
Critical Resistance in Bitcoin
Despite the actions of market bears, Bitcoin is indicated to be ready for a significant rise. According to various analysts’ predictions, the first major resistance point to watch in the cryptocurrency could be a move to $70,000.
When Bitcoin price first surpassed the $70,000 mark, the cryptocurrency rose to an all-time high of $73,750.07. At the current price level, Bitcoin is approximately 5.8% below this ATH, and many predictions suggest that BTC will surpass this level shortly. Within the past month, Bitcoin price increased by 2.11%, reaching up to $71,946.46. This level places the $71,000 mark as a very important point to watch. According to cryptocurrency experts, the $71,000 price level is a significant turning point for Bitcoin. If the leading cryptocurrency’s price surpasses the $70,000 and $71,000 bear pressure, there may not be a major resistance preventing it from exceeding the previous all-time high.
BTC $700,000 Prediction
Despite the noticeable declines in the cryptocurrency’s price in recent days, BTC addresses’ profitability remains at 94.9%. This indicates lower selling pressure from old holders. All these data might have prepared Bitcoin for a restart, completed with the relative strength index (RSI) reading at 44.1. It may also indicate a slight oversell, a sign of a potential trend change.
Bitcoin is in a different position for an upward trend. Experts attribute this to spot Bitcoin ETF products acquiring more BTC holdings from exchanges than expected, making their metrics stronger than ever. With a 19-day net inflow series recorded up to the current position, supported by the supply shortage in the last half, the spot Bitcoin ETF created a favorable environment for price recovery soon. According to leading industry expert Anthony Scaramucci, Bitcoin could rise to $700,000 in the long term. Different analyst predictions fix the cryptocurrency’s price at $100,000 before the end of this year.
