Bitcoin
Two Crucial Bitcoin (BTC) Price Levels to Watch This Week
Arman Shirinyan
Bitcoin price performance is ambiguous, but some answers can be found in network metrics
Read U.TODAY at
google news
O Bitcoin The price has sent some questions about the future of digital gold with a surge around the $69,000 level, but perhaps some answers can be found in Bitcoin’s liquidation heatmap, with critical levels at $68,300 and $69,800 , highlighting its importance for short-term price. movements.
From this heat map, clearly, liquidity increases around the $68,300 and $69,800 prices. These correspond to areas where strong buying and selling pressure is concentrated, making them crucial for Bitcoin’s next movements. Of course, at current price levels of $69,000, these could easily act as really strong support and resistance zones that will propel the path forward. Bitcoin in the next days.
Bitcoin/USDT Chart by TradingView
Technically, this is a channel in which Bitcoin traded, with the 50-day moving average used as good support around the $65,000 area. The RSI above 50 indicates that the bulls have a small advantage, but the market is showing no signs of overbought. A balanced RSI indicates room for Bitcoin to move in either direction.
This is a very important level because the $68,000 area is major support. If price action falls directly into this price area, it could actually bring buying pressure that supports the price from there. There is a lot of solid liquidity at this level, which would indicate that many traders have their buy orders set just in anticipation of a rebound in this area.
There is an important resistance area around $69,800. Breaking above this value would mean the start of an intense flow of purchases and, therefore, could lead Bitcoin to new highs. The accumulation of liquidity at $69,800 signals that most of the sell-side volume is located there, and this is what Bitcoin needs to chew through to continue rising.
However, overall market sentiment around Bitcoin is still positive considering increased institutional interest and growing adoption. In any case, the short-term view will be entirely a function of how Bitcoin performs relative to these crucial levels. A rebound from $68,000 support or a break above $69,800 would set the stage for the next significant move.
About the author
Arman Shirinyan
Arman Shirinyan is a trader, crypto enthusiast and SMM expert with over four years of experience.
Arman firmly believes that cryptocurrencies and blockchain will be in constant use in the future. Currently, it focuses on news, articles with in-depth analysis of cryptocurrency projects, and technical analysis of cryptocurrency trading pairs.