All eyes are on the $67,000 mark for Bitcoin as the cryptocurrency puts up a fight to get past this key resistance in its current rally. It is a level that has proven difficult to overcome, and with volatility running high amid fear and uncertainty, it has left analysts and traders in a state of apprehension.
Rally Stalls at Key Resistance
The rebound has been nothing short of impressive, yet Bitcoin has not managed to show any real conviction in its attempts to breach the $67,000 zone, which was once a reliable source of support. In their most recent piece for Altcoin Daily, they note that selling pressure at this juncture is formidable. What is seen in the price action is more rotation than expansion; there is simply not enough volume or capital coming in to warrant a lasting breakout.
As the hosts of Altcoin Daily have observed, without a close and hold above this resistance, any further gains could be curtailed. The market is showing its hand through quick price swings and a good deal of hesitancy, only adding to the prevailing sense of unease.
Bullish Signals and Historic Patterns
There is a rare bullish divergence on the weekly chart that has market watchers’ full attention; it is only the third time Bitcoin has shown such a pattern. Altcoin Daily points out that in the past, these have been definitive markers of a bear market bottom, so one could read the present conditions as a harbinger of a change in trend.
Then there is the matter of the bitcoin percentage supply in profit signal to bolster that view. It has an uncanny record of calling every bear market low and is now making its presence known once more. That alone lends credence to the idea that a pivotal moment for Bitcoin is at hand. In the eyes of many analysts, when you have signals like this converging, they are not to be overlooked.
Analysts Weigh In on Potential Breakout
The Altcoin Daily team sees a very bullish case for Bitcoin should it be able to hold its ground above $67,000. In their view, once that mark is broken and established, it will draw in capital and set the stage for more upside, perhaps even the start of a fresh bull run.
There is a good deal of anticipation from market participants as they track on-chain data and price movements. Even with the prevailing uncertainty and volatility, analysts are in agreement: the $67,000 resistance is the key technical battleground for the moment. How things play out there will likely dictate where the cryptocurrency heads in the next few weeks.
Source — Altcoin Daily: https://www.youtube.com/watch?v=ARTbpSt9bM0