GET 10% OFF ON YOUR FIRST ORDER. FOR A LIMITED TIME ONLY. Use code: WELCOME on checkout
News

Bitcoin Must Break Strong Resistance at $69,000 to Reach New All-Time High, Says Trader

daniel crocker bitcoin

  • Despite the lengthy sell-off period Bitcoin is experiencing, Analysts are optimistic about a rebound.
  • Beyond the uncertain price action, Bitcoin is now a subject in US political leadership consideration.

Renowned crypto trader and investor Daan Crypto Trades says Bitcoin (BTC) must break above the $69,000 resistance level before reaching a new all-time high. The trader’s comments come amidst a recent drop in BTC’s price, fueling discussions in the crypto community.

Bitcoin’s Fight at $69K Resistance

Daan Crypto Trades acknowledged in an X post that Bitcoin’s fight at the $69,000 could take a while and won’t be easy. However, the trader believes the result would be astonishing once the supply around this region dries up and coins are swapped from the impatient to the patient.

It is worth noting that Bitcoin hit the $69,000 mark during the 2021 crypto bull run. This level was tested once more on March 5, following the approval of spot Bitcoin Exchange-Traded Funds (ETFs) in the United States. For the past ten weeks or more, Bitcoin has been below this mark, despite many attempts to break through.

Notably, CryptoJelle is another bullish analyst on Bitcoin’s future price movement. “ Bitcoin’s market structure remains firmly bullish. A steady uptrend for well over a year now, consolidating right below the current all-time highs. Matter of time before the next leg higher. Bring it on,” the analyst stated.

Jelle added in a subsequent post that BTC is retesting important support following its breakout from the falling wedge. Accordingly, he believes a new all-time high should come soon enough for BTC. 

Pseudonymous crypto analyst CryptoCon says Bitcoin’s recent price volatility is part of healthy price action. While the analyst notes that Bitcoin has spent 42 days in the low volatility/boredom zone, he believes the next green box for the coin is loading. 

“This is only half the time we saw in August – October 2023 which was one of the least volatile periods in Bitcoin’s history. Noticeably, boredom periods are much shorter than excitement/expansion. These times of low volatility are crucial to build support for the next leg up,” the analyst noted.

At press time, BTC is trading at $67,624, demonstrating a decline of 1.24% in the past 24 hours. The trading volume also decreased by 10.8% to $23.5 billion, while the market cap decreased by 1.2% to $1.3 trillion. 

Donald Trump Investigates BTC As Solution to US Debt Crisis

While Bitcoin is still trying to find a balance in the market, there are possibilities that the coin could soon be used to proffer solutions to offset US $35 trillion debt. 

According to a Crypto News Flash YouTube video, former US President Donald Trump recently asked Bitcoin Magazine CEO David Bailey about utilizing Bitcoin to help with US debt challenges. Notably, Bailey and his team have been working with the Trump campaign to develop their Bitcoin and crypto policy agenda.

On the other hand, President Joe Biden and his government are reportedly still adamant against favorable crypto policies.

Latest Press

post-thumbnail
News
2 hours ago
Ethereum Price Prediction : ETH Price Poised to Surge Nearly 200%, Here’s When
The post Ethereum Price Prediction : ETH Price Poised to Surge Nearly 200%, Here’s When appeared f...
READ MORE
post-thumbnail
News
2 hours ago
Binance To Overtake Coinbase as Bitcoin Exchange Reserves Hit ATH 25% 
The post Binance To Overtake Coinbase as Bitcoin Exchange Reserves Hit ATH 25%  appeared first on C...
READ MORE
post-thumbnail
News
2 hours ago
QCP Capital Notes Factors That Propelled Bitcoin To $77K, Highlights BTC’s Sustained Bullishness
The post QCP Capital Notes Factors That Propelled Bitcoin To $77K, Highlights BTC’s Sustained Bull...
READ MORE
post-thumbnail
News
2 hours ago
Neiro Price Prediction 2024 – 2030: NEIRO Memecoin To Hit $0.005?
The post Neiro Price Prediction 2024 – 2030: NEIRO Memecoin To Hit $0.005? appeared first on Coinp...
READ MORE
post-thumbnail
News
2 hours ago
North Korean Hackers Begin Campaign That Poses a ‘Hidden Danger’ to Cryptocurrency Companies
The post North Korean Hackers Begin Campaign That Poses a ‘Hidden Danger’ to Cryptocurrency Comp...
READ MORE
post-thumbnail
News
2 hours ago
Ripple Stablecoin Could Launch in UAE Backed by Dirham for Digital Transactions
The post Ripple Stablecoin Could Launch in UAE Backed by Dirham for Digital Transactions appeared fi...
READ MORE
post-thumbnail
News
2 hours ago
Crypto Market Surge: Experts Advise Selective Investments 
The post Crypto Market Surge: Experts Advise Selective Investments  appeared first on Coinpedia Fin...
READ MORE
post-thumbnail
News
2 hours ago
Crypto Industry Scores Big: $135 Million Bet Pays Off as Bitcoin Soars After Trump Victory!
The post Crypto Industry Scores Big: $135 Million Bet Pays Off as Bitcoin Soars After Trump Victory!...
READ MORE

Publish an article now

Unlock the power of media for instant visibility to the target audience, major SEO boost, greater website traffic and conversion rates.

click here to get started