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Experienced cryptocurrency analyst DonAlt commented on the current state of Bitcoin (BTC), noting that its potential for a significant price increase could rise if it manages to surpass a key resistance level. The analyst shared important resistance levels, ranges, and key support levels for the upward movement.
Re-entering the $60,000 to $70,000 Range Will Be Important
DonAlt, in his latest video on the TechnicalRoundup YouTube channel, emphasized the importance of Bitcoin re-entering the $60,000 to $70,000 range. He highlighted that such a move would create a strong impact for further upward movement. The analyst stated that re-entering this range would require a candle close above $60,000 or $61,000. He added that surpassing these levels would be a positive indicator and could help Bitcoin regain its upward momentum.
Despite his optimism, DonAlt advised caution as Bitcoin approaches the $60,000 to $70,000 range. The analyst pointed out that there is significant resistance at $63,000, which could pose an obstacle to the upward movement.
Currently, many investors are taking long positions targeting the $60,000 to $63,000 range, but the risk of this upward movement being hindered by the resistance at $63,000 remains. This level is seen as the biggest obstacle that the largest cryptocurrency needs to overcome for a sustainable rally.
DonAlt expects Bitcoin to rise towards the $70,000 level if it surpasses the $63,000 resistance. According to him, such a price movement represents a significant milestone for Bitcoin and could pave the way for further upward momentum. However, this scenario depends on Bitcoin overcoming the tough resistance at $63,000.
$52,000 Is an Important Support But…
On the other hand, DonAlt noted that $52,000 is a strong support level for Bitcoin on the downside. The analyst warned that this support has been tested before and is not as strong as it once was.
He emphasized that a return to this level could raise concerns about a potential collapse, adding that if Bitcoin fails to hold above the $52,000 support, it could result in a drop to the $42,000 or $43,000 range.
