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In the cryptocurrency market, all eyes are on Bitcoin, especially regarding the necessity of surpassing the 69-70 thousand dollar level. According to renowned trader Captain Faibik, if Bitcoin cannot surpass this level, the target of 100 thousand dollars may remain just a dream. Now, everyone is wondering whether Bitcoin can reach the 100 thousand dollar target. So, can Bitcoin surpass this critical threshold?
Resistance Level for Bitcoin is 69-70 Thousand Dollars
In the last six months, Bitcoin has followed a volatile path, getting stuck in a complex formation known as the Descending Broadening Wedge. Captain Faibik states that Bitcoin’s fate depends on whether this formation breaks or not.
According to the famous trader, the 69-70 thousand dollar range stands out as a resistance point that bulls have repeatedly struggled to surpass. However, Faibik believes this level is weakening, and if Bitcoin crosses this critical threshold, it could reach 100 thousand dollars by the end of the year.
Potential Rally Indicator Level is 100 Thousand Dollars
Captain Faibik suggests that based on technical indicators and the weakening resistance level, Bitcoin could reach 100 thousand dollars in the coming months. However, he warns that caution is necessary before this rally occurs.
For those considering leveraged trading, the current market conditions involve high risk. Faibik advises long-term Bitcoin investors to be patient, as the anticipated bull run might be on the horizon.
Bitcoin Price in Decline
Recently, Bitcoin’s price fell below 60 thousand dollars, reflecting the bearish trend in the markets. As of August 28, there was a significant outflow of 109.18 million dollars from spot Bitcoin ETFs. The largest outflow was from the Ark & 21 Shares (ARKB) fund, amounting to 96.41 million dollars. Currently, Bitcoin is trading at 59,680 dollars, with a market value of 1.17 trillion dollars. Bitcoin’s market dominance has risen to 57.21%.
Bitcoin’s direction in the coming period largely depends on whether it can break the 69-70 thousand dollar level. Investors are closely monitoring this critical level, as Bitcoin’s future will be shaped at this threshold. At the time of writing, Bitcoin was trading at 59,654 dollars.
