Bitcoin

<ul> 
 <li>Bitcoin challenges the critical $66,700 resistance level with sights set on a $72,500 target.</li> 
 <li>Failure to surpass $66,700 could lead to a pullback towards the $57,780 – $56,300 support zone.</li> 
 <li>“A successful breach above $66,700 could signal an upcoming rally for altcoins as well.”</li> 
</ul> 
<p><strong>Exploring Bitcoin’s potential resurgence to $70k, this analysis scrutinizes the pivotal $66.7k resistance level, subsequent targets, and the significance of liquidation levels for investors.</strong></p> 
<h2 id="strong-mid-term-btc-analysis-strong"><strong>Mid-Term BTC Analysis</strong></h2> 
<figure id="attachment_137063" aria-describedby="caption-attachment-137063" style="width: 100%" class="wp-caption alignnone">
 <a href="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/BTCUSDT-4H-Chart-on-Binance.webp?quality=70&amp;ssl=1"><img loading="lazy" decoding="async" class="size-full wp-image-137063" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/BTCUSDT-4H-Chart-on-Binance.webp?resize=696%2C332&amp;quality=70&amp;ssl=1" alt="BTCUSDT 4H Chart on Binance" width="696" height="332" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/BTCUSDT-4H-Chart-on-Binance.webp?w=1920&amp;quality=70&amp;ssl=1 1920w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/BTCUSDT-4H-Chart-on-Binance.webp?resize=300%2C143&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/BTCUSDT-4H-Chart-on-Binance.webp?resize=1024%2C489&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/BTCUSDT-4H-Chart-on-Binance.webp?resize=768%2C367&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/BTCUSDT-4H-Chart-on-Binance.webp?resize=1536%2C734&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/BTCUSDT-4H-Chart-on-Binance.webp?resize=150%2C72&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/BTCUSDT-4H-Chart-on-Binance.webp?resize=696%2C332&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/BTCUSDT-4H-Chart-on-Binance.webp?resize=1068%2C510&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/BTCUSDT-4H-Chart-on-Binance.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></a>
 <figcaption id="caption-attachment-137063" class="wp-caption-text">
  BTCUSDT 4H Chart on Binance
 </figcaption>
</figure> 
<p>Analyzing the 4-hour technical chart, Coinotag analysts highlight the $66,700 resistance as crucial for Bitcoin’s continued ascent. Failing to secure closures above this level could increase the likelihood of a downturn. Recent activity saw Bitcoin rebound from the $62,300 – $61,200 support range to $64,600, keeping alive the potential to reach the $72,500 resistance, provided it maintains above this support. Yet, Bitcoin must first achieve 4-hour candle closures above $66,700, a move that could also indicate a bullish continuation for altcoins.</p> 
<h3 id="strong-investor-focus-support-at-61-200-strong"><strong>Investor Focus: Support at $61,200</strong></h3> 
<p>Investors should closely monitor the $61,200 support level. A closure below this threshold could precipitate a drop to the $57,780 – $56,300 support zone, making it an optimal entry point for long-term spot investments. This area could offer a significant buying opportunity should a decline occur.</p> 
<h3 id="strong-the-message-from-bitcoin-liquidation-data-strong"><strong>The Message from Bitcoin Liquidation Data</strong></h3> 
<figure id="attachment_137064" aria-describedby="caption-attachment-137064" style="width: 100%" class="wp-caption alignnone">
 <a href="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/Bitcoin-liquidation-heatmap-23-MAR.webp?quality=70&amp;ssl=1"><img loading="lazy" decoding="async" class="size-full wp-image-137064" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/Bitcoin-liquidation-heatmap-23-MAR.webp?resize=696%2C320&amp;quality=70&amp;ssl=1" alt="Bitcoin liquidation heatmap 23 MAR" width="696" height="320" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/Bitcoin-liquidation-heatmap-23-MAR.webp?w=1920&amp;quality=70&amp;ssl=1 1920w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/Bitcoin-liquidation-heatmap-23-MAR.webp?resize=300%2C138&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/Bitcoin-liquidation-heatmap-23-MAR.webp?resize=1024%2C470&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/Bitcoin-liquidation-heatmap-23-MAR.webp?resize=768%2C353&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/Bitcoin-liquidation-heatmap-23-MAR.webp?resize=1536%2C706&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/Bitcoin-liquidation-heatmap-23-MAR.webp?resize=150%2C69&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/Bitcoin-liquidation-heatmap-23-MAR.webp?resize=696%2C320&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/Bitcoin-liquidation-heatmap-23-MAR.webp?resize=1068%2C491&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2024/03/Bitcoin-liquidation-heatmap-23-MAR.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></a>
 <figcaption id="caption-attachment-137064" class="wp-caption-text">
  Bitcoin Liquidation Heatmap Source: Coinglass
 </figcaption>
</figure> 
<p>Liquidation levels offer insights into potential market movements. With significant short liquidations at the $69,000 level, a surge to this price could trigger $327 million in short liquidations, potentially driving the price higher. Conversely, a drop to $62,000 may liquidate $400 million in long positions, favoring short positions and potentially leading to further declines. Watching these liquidation thresholds can provide strategic advantages in anticipating market direction.</p> 
<h3 id="strong-conclusion-strong"><strong>Conclusion</strong></h3> 
<p>As Bitcoin teeters near the $66.7k resistance, its ability to break through could dictate the short-term market trend, with implications for both BTC and the wider crypto market. Investors should monitor key resistance and support levels, alongside liquidation data, to make informed decisions. A careful approach is advised, especially near the $69k and $62k levels, to navigate potential volatility and capitalize on market movements.</p> 
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<p>The post <a rel="nofollow" href="https://en.coinotag.com/bitcoin-btcs-path-to-70k-can-btc-overcome-the-66-7k-resistance/">Bitcoin BTC’s Path to $70k: Can BTC Overcome the $66.7k Resistance?</a> appeared first on <a rel="nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p>

Bitcoin BTC’s Path to $70k: Can BTC Overcome the $66.7k Resistance?

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