2024

Bitcoin

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Amid heightened anticipation and market activity, <a href="https://u.today/bitcoin-price-alert-273000-btc-held-at-key-bitcoin-supply-range" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> tested the critical $72,000 resistance level three times in recent weeks. This repeated attempt to breach the formidable barrier has ignited speculation about the potential for a new all-time high (ATH) if the resistance can be decisively broken.
Bitcoin's recent price action has been characterized by its struggle to break past the $72,000 mark. The $72,000 mark has become a line in the sand for Bitcoin, representing a level of resistance that has been difficult to overcome.
This resistance level has proven to be a significant psychological and technical barrier for traders and investors alike. Each of the three tests of this level was met with strong selling pressure, preventing BTC from making a sustained move higher.
However, should Bitcoin manage to break above this level, it could trigger a short squeeze, potentially catapulting the currency to a new all-time high (ATH) of $75,000.
Market analysts and traders are closely monitoring Bitcoin's price behavior at this resistance level. The repeated tests suggest building momentum that could potentially lead to a breakout. Historically, such persistence often precedes significant price movements, as resistance levels tend to weaken with each successive test.
<h2 id="bitcoin-requires-breach-of-72-000">Bitcoin requires breach of $72,000</h2>
Glassnode cofounders, named <a href="https://x.com/Negentropic_/status/1795408260549296466" rel="noopener noreferrer nofollow">Negentropic</a> on X, highlight the significance of BTC testing the $72,000 resistance level thrice. While this remains a formidable barrier, they note that a confirmed break above this key level could push BTC to a new ATH of $75,000. &nbsp;
<blockquote>
 DEEP DIVE: Breaking Barriers in Crypto!BTC tested the $72k resistance level thrice last week.While it remains a formidable barrier, a confirmed break above could push BTC to a new ATH of $75k. Currently, expect BTC to range between $64k and $72k, giving altcoins a chance to… <a href="https://t.co/19GXKjrVCW" rel="noopener noreferrer nofollow">pic.twitter.com/19GXKjrVCW</a>— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) <a href="https://twitter.com/Negentropic_/status/1795408260549296466?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 28, 2024</a>
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According to Negentropic, the $72,000-$74,000 range is marked by high supply and selling pressure. A sudden breach here could trigger a short squeeze, propelling BTC to unprecedented heights.
In the very short term, the chances for<a href="https://u.today/51-million-btc-addresses-risk-losses-amid-bitcoins-dip-below-62000" rel="noopener noreferrer nofollow"> Bitcoin</a> range trading remain, with prices expected to range between $64,000 and $72,000. This consolidation phase might give altcoins a chance to shine.
At the time of writing, BTC was down 0.60% in the last 24 hours to $68,191 after dipping to lows of $67,437, as fears arose over the recent Mt. Gox-Era Bitcoin shift.

Bitcoin (BTC) Eyes Big Move to $75,000 If This Plays Out

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