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Bitcoin Tests $72,000 Resistance Level Thrice, Sparks Speculation of New Highs

29/05/2024 17:38

According to U.Today, Bitcoin (BTC) has recently tested the significant $72,000 resistance level three times, leading to increased market speculation about the potential for a new all-time high if this resistance can be decisively broken. The $72,000 mark has become a critical point for Bitcoin, representing a level of resistance that has been challenging to surpass. This resistance level has emerged as a significant psychological and technical barrier for traders and investors. Each of the three tests of this level was met with strong selling pressure, preventing BTC from making a sustained move higher. However, if Bitcoin manages to break above this level, it could trigger a short squeeze, potentially catapulting the currency to a new all-time high of $75,000. Market analysts and traders are closely monitoring Bitcoin's price behavior at this resistance level. The repeated tests suggest building momentum that could potentially lead to a breakout. Historically, such persistence often precedes significant price movements, as resistance levels tend to weaken with each successive test. Glassnode cofounders, known as Negentropic, highlight the significance of BTC testing the $72,000 resistance level thrice. They note that a confirmed break above this key level could push BTC to a new all-time high of $75,000. According to Negentropic, the $72,000-$74,000 range is marked by high supply and selling pressure. A sudden breach here could trigger a short squeeze, propelling BTC to unprecedented heights. In the short term, the chances for Bitcoin range trading remain, with prices expected to range between $64,000 and $72,000. This consolidation phase might give altcoins a chance to shine. At the time of writing, BTC was down 0.60% in the last 24 hours to $68,191 after dipping to lows of $67,437.

Bullish

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