Bitcoin ($BTC) $70K Resistance In Sight, Any Chance Of Breaking New ATH?

Bittime - Bitcoin ($BTC) $70K resistance in sight, any chance of breaking new ATH? Bitcoin price has strengthened again, now approaching the crucial resistance level of $70 ,000 (around Rp1,106,000,000 at an exchange rate of Rp15,800).

After finding support in the range of $52K to $56K, the price movement shows a strong bullish momentum.

This is a defining moment for Bitcoin-will the bull market manage to push the price past this level and create a new all-time high (ATH)?

Current Bitcoin Price Analysis by Crypto Bullet

Current Bitcoin price analysis by CryptoBullet, in the past few days Bitcoin managed to bounce off strong support in the $52K to $56K range (around Rp821 million to Rp884 million).

This range became a solid foundation that held the price from further declines, thus reigniting buying interest among investors.

Currently, Bitcoin price has moved above its 100-day and 200-day moving averages, signaling a return of bullish momentum.

As Bitcoin approaches the $70K resistance, buyers are preparing to push the price higher.

If a breakout occurs, a strong price surge could occur, driven by a potential “short squeeze” that would reinforce the uptrend.

Breakout Opportunity at $70K Resistance

The $70K level is a key point of interest. If Bitcoin manages to break this level, a potentially large rally could occur.

Given the increased bullish activity in this area, there is a high probability that the price surge will be amplified by a “short squeeze.”

This would force short sellers to cover their positions, creating a faster and more significant price increase.

Also read Analyst: Bitcoin Mining Stocks Up 24% Thanks to AI and Economic Situation

Technical Indicators Support Potential New ATH

Technical analysis shows a number of indicators that support the upside potential.

On the 4-hour chart, we see that Bitcoin rallied significantly from the $58K level and is now consolidating between $66K and $70K.

This consolidation pattern suggests the possibility of a breakout is getting closer.

In addition, on-chain data shows a concentration of liquidity above $70K, which is a strong signal for a potential short squeeze.

If it happens, not only will the $70K level be breached, but it also opens up opportunities for Bitcoin to record a new ATH in the near future.

Bitcoin to IDR price on Market Bittime

Conclusion

With the $70K resistance approaching, Bitcoin is in a crucial position.

If this level is successfully broken, the opportunity to reach a new ATH will be wide open, especially if it is supported by the short squeeze effect that drives the price up drastically.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.