U.Today – Amid increased market anticipation and activity, (BTC) tested the critical $72,000 resistance level three times in recent weeks. This repeated attempt to break the formidable barrier has ignited speculation about the potential for a new all-time high (ATH) if the resistance can be broken decisively.
Bitcoin's recent price action has been characterized by its struggle to surpass the $72,000 mark. The $72,000 mark has become a line in the sand for Bitcoin, representing a resistance level that has been difficult to overcome.
This resistance level has proven to be a major psychological and technical barrier for both traders and investors. Each of the three tests of this level was met with strong selling pressure, preventing BTC from making a sustained move higher.
However, if Bitcoin manages to break above this level, it could trigger a brief squeeze, potentially catapulting the coin to a new all-time high (ATH) of $75,000.
Market analysts and traders are closely monitoring Bitcoin price action at this resistance level. Repeated testing suggests building momentum that could potentially lead to a breakout. Historically, such persistence typically precedes major price moves, as resistance levels tend to weaken with each successive test.
Bitcoin requires default of $72,000
The co-founders of Glassnode, called Negentropic in X, highlight the importance of BTC testing the $72,000 resistance level three times. While this remains a formidable barrier, they note that a confirmed break above this key level could take BTC to a new ATH of $75,000.
According to Negentropic, the $72,000 to $74,000 range is marked by high supply and selling pressure. A sudden breakout here could trigger a short squeeze, propelling BTC to unprecedented heights.
In the very short term, the chances of Bitcoin trading in the range remain, with prices expected to range between $64,000 and $72,000. This consolidation phase could 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 falling to lows of $67,437, as fears emerged over Bitcoin's recent turn in the Mt. Gox era.
This article was originally published on U.Today.
