Can Bitcoins Price Reach 72k Without Returning to the 64k Support Level

Bitcoin continues to maintain a strong position on the price chart for larger time frames, remaining above a crucial support level. However, it is now approaching major resistance in the short term and is currently trading within a sideways price range. This movement brings it closer to significant liquidity levels above, which could have an impact on its future trajectory. Analyst Josh from Crypto World provides a detailed analysis of the current situation.

Key support and resistance levels play a crucial role in determining Bitcoin’s outlook. On the 2-day chart, Bitcoin is holding above an important resistance level, which is now acting as support, just above $65,000. This level is critical for maintaining a bullish outlook over the longer term. Moving to the daily chart, Bitcoin is trading within a significant range, marked by previous resistance. The trading volume between $66,700 and $68,300 is substantial.

If Bitcoin closes daily candles below this range, there is a possibility of a drop to around $64,500, which serves as the next support area. However, if it manages to break above $69,000 to $69,500 with confirmed candle closes, the next resistance could be near $72,000, potentially pushing towards its all-time high around $73,500.

Analyzing the liquidity levels, it is observed that liquidity is gathering above at levels just below $69,000, particularly in the range of $68,800 to $69,200. Major liquidity levels start at around $69,700 and extend up to $77,000. On the downside, liquidity can be found between $64,700 and $64,200. The balanced liquidity on both sides contributes to the current neutral market sentiment.

During this period of consolidation, traders should be prepared for a potential breakout. Historical data suggests that periods of sideways action often precede significant price changes. Regardless of whether the next move is bullish or bearish, there are opportunities for profit through both long and short positions.

Tags: Bitcoin, Crypto news, Cryptocurrency, Price Analysis