Parabolic

Bitcoin

when

Rekt

Bitcoin, the largest cryptocurrency asset by market cap, broke through the $70,000 resistance level today, demonstrating momentum for further upsurge. Delving into the significance of this development, cryptocurrency analyst and trader YG Crypto has <a href="https://x.com/ygcrypto/status/1798252235996242431" target="_blank" rel="noopener nofollow">emphasized</a> that Bitcoin must break above the level and maintain that break in order for the digital asset to regain its bullish momentum. 
<h2 id="the-70-000-price-mark-is-crucial-for-bitcoin">The $70,000 Price Mark Is Crucial For Bitcoin</h2> 
The analyst’s findings underscore the possibility of large price swings if this barrier is overcome and sustained, which coincides with the resurgence of interest in BTC among institutional and individual investors. This resistance level is believed to be crucial for sustaining market optimism and propelling Bitcoin’s upward trend toward new all-time heights. 
Related Reading: <a href="https://bitcoinist.com/bitcoin-poised-to-surge-18-in-next-market-move/" target="_blank" rel="noopener ">Analyst Projects Bitcoin To Surge 18% In Next Market Move, Here’s How</a> 
YG Crypto noted that <a href="https://bitcoinist.com/bitcoin-partnership-university-of-austin/" target="_blank" rel="noopener ">Bitcoin</a> tried to break out when the United States market opened, but the barrier near the $70,000 mark persisted. “We might see another attempt soon, but a sustained break above this level is crucial for regaining bullish momentum,” he added. 
<img loading="lazy" decoding="async" class="size-medium wp-image-303973" src="https://bitcoinist.com/wp-content/uploads/2024/06/YG-Crypto-Bitcoin-Chart.jpg?w=640&amp;resize=640%2C275" alt="Bitcoin" width="640" height="275" srcset="https://bitcoinist.com/wp-content/uploads/2024/06/YG-Crypto-Bitcoin-Chart.jpg?w=2249 2249w, https://bitcoinist.com/wp-content/uploads/2024/06/YG-Crypto-Bitcoin-Chart.jpg?w=640&amp;resize=640%2C275 640w, https://bitcoinist.com/wp-content/uploads/2024/06/YG-Crypto-Bitcoin-Chart.jpg?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/06/YG-Crypto-Bitcoin-Chart.jpg?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/06/YG-Crypto-Bitcoin-Chart.jpg?w=1536 1536w, https://bitcoinist.com/wp-content/uploads/2024/06/YG-Crypto-Bitcoin-Chart.jpg?w=2048 2048w, https://bitcoinist.com/wp-content/uploads/2024/06/YG-Crypto-Bitcoin-Chart.jpg?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/06/YG-Crypto-Bitcoin-Chart.jpg?w=1140 1140w" sizes="(max-width: 640px) 100vw, 640px" data-recalc-dims="1"> 
Furthermore, the crypto expert highlighted that should the coin manage to clear this obstacle, it may aim for even greater prices in the coming days. Thus, he has urged the crypto community to watch out for impending economic data that may have an impact on <a href="https://bitcoinist.com/bitcoin-etf-frenzy-waning-investors-shifting-focus/" target="_blank" rel="noopener ">investors</a>‘ moods. 
Well-known cryptocurrency expert Michael Van De Poppe has also <a href="https://x.com/CryptoMichNL/status/1798245184779743265" target="_blank" rel="noopener nofollow">shared</a> insights on the development, further proving that the level is critical for the next phase of the crypto asset. Michael Van De Poppe claims that currently, <a href="https://bitcoinist.com/bitcoin-shark-whale-investors-go-to-the-market-heres-how-much-btc-they-bought/" target="_blank" rel="noopener ">BTC</a> keeps grinding higher slowly, which may have propelled the coin to break through the $70,000 price level. Following the breakout, the analyst believes BTC is probably headed for a new all-time high in the foreseeable future. 
At the time of writing, Bitcoin was changing hands between $70,990 and $71,000, indicating an over 3% increase in the last 24 hours. Both its market cap and trading volume have also seen positive sentiment, rising by over 3% and 30%, respectively, in the past day. 
<h2 id="btc-is-one-weekly-close-from-entering-the-parabolic-phase">BTC Is One Weekly Close From Entering The Parabolic Phase</h2> 
Bitcoin’s recent momentum has garnered several bullish price predictions from market experts lately, presenting the coin as a potential asset in the rapidly changing cryptocurrency market. Crypto strategist Rekt Capital has <a href="https://x.com/rektcapital/status/1798031094408966442" target="_blank" rel="noopener nofollow">underlined</a> the asset is on the brink of transitioning into a parabolic phase.&nbsp; 
According to the analyst, BTC has returned to the Range High of the Re-accumulation Range and the result is unchanged. Thus, the parabolic phase which the analyst previously predicted will occur after BTC breaks out of the re-accumulation, is only one weekly close above the range high from entering the phase. 
However, past trends indicate that BTC might not be able to accomplish this within 50 days after the <a href="https://bitcoinist.com/bitcoin-halving-investors-btc/" target="_blank" rel="noopener ">Halving</a> event. “Will historical tendencies prevail, or will Bitcoin continue its Accelerated Cycle with a historic breakout?, he added. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/Elzqpb35/" alt="Bitcoin" width="2283" height="1265">

Bitcoin Needs To Hold Above $70,000 For Bullish Momentum: Analyst

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