Bitcoin Finally Breaks $70K: What Will Sustain The Price Breakout?
Bitcoin surpassed $73,000, but analysts stress the need to hold the $70,000 support level amid profit-taking to sustain the rally.Summary
Bitcoin recently broke above $73,000, overcoming the $70,000 resistance that had capped previous recovery attempts over the last three weeks. Analysts, including Glassnode, point out that this resistance was driven by significant profit-taking, evidenced by spikes in net realized profit near $70,000. For the breakout to be sustained, this profit-taking must be absorbed without triggering a rejection. Furthermore, holding support at the $68,000–$70,000 zone is crucial; failure to do so could lead to a retest of lower support levels around $65,000–$66,000. Swissblock suggests that cooling risk appetite could catalyze further bullish movement, with potential targets reaching $83,000 and beyond, provided Bitcoin maintains its footing above $70,000.
(Source：Cointelegraph)