After a few weeks of ups and downs, Bitcoin has just reached a new price milestone as of yesterday. The leading cryptocurrency broke the $63K mark and shot up to $64K where it currently stands. The sharp rise retained most of Bitcoin’s latest gains, with experts adamant that the next resistance level is at $65K.
The market sentiment remains bullish like it has been for a while. Cryptocurrency experts believe that the next step is $70,000 or higher by next month, which could be a bit optimistic following the market’s recent performance. While Bitcoin has been on the rise, it has also seen sharp declines immediately after a price rise, and that may very well be the case this time again.
It’s still a massive achievement for a crypto that couldn’t break $10,000 this time last year. It shows how much cryptocurrencies have evolved and that the market is going in the right direction.
What’s the Next Resistance?
The next resistance is very likely to be around the $65,000 mark which could come pretty soon. Bitcoin’s just short of that price, and may even reach new heights today with strong volume. The bullish sentiment will surely send the price sky-high pretty soon enough, so $70,000 is not out of reach.
In the past year, Bitcoin has managed to break records and retain its value after a bit of a struggle. It might be the same this time around. $60K was the aim for quite a while, and now that it’s over that obstacle, it could break new records soon.
If it manages to overcome the resistance at $65,000, the next likely resistance level is far away at $77,000. According to the publisher of the CryptoPatterns newsletter Jon Pearlstone, the cryptocurrency could encounter problems in the short run, with some indicators pointing to it being overbought. The slightly bearish pattern might lead to a price reversal in the next few weeks, with the greatest pessimists expecting a sharp fall to the $52,000 range.
The most recent supports were around $51K and now that the $61K deadlock is broken, the new support should be somewhere in that range. The market is in a price discovery mode, with $70,000 the new goal.
Crypto Demand at an All-Time High
Direct listings value Coinbase at over $100 billion, so the demand for Bitcoin and crypto in general is through the roof. The bullish Bitcoin market obviously has more fuel than ever, so the price may get pushed higher despite the volatility. No recent pullbacks have caused the bubble to burst like in 2017. Experts have used retracement levels to find the most recent uptrend beginning in January, when the price was $30,000.
It seems like decades ago considering the fact that it doubled in only 3 months. Bitcoin is the hottest asset in the world right now, and things can only go upward from here. The market has matured since 2017 in many ways, so don’t expect the bubble to burst. Instead, Bitcoin will rise to new heights, and that will happen sooner than we all think.