Bitcoin Likely to Test Support Between $69,000 and $74,000 Soon
Crypto analyst Matthew Hyland indicated that Bitcoin (BTC) may test the support level of $69,000 to $74,000 in the upcoming months. He noted that BTC's current weekly resistance is around $90,500, suggesting a potential market bottom if BTC closes above $89,000.
Key Points
- BTC last traded above $89,000 on March 9, before falling to $76,606 due to macroeconomic factors.
- Current trading price is in the low $80,000s, with a slight recovery attributed to lower-than-expected US CPI inflation data.
- Short-term holder (STH) Realized Price averages approximately $91,800, indicating losses for these investors.
- Strong resistance identified at $86,100 based on STH Realized Price, which could lead to increased selling pressure.
- Long-term holders (LTH) have a support level at $63,700, with significant volume profile around $64,000 reinforcing this support.
- If BTC cannot surpass resistance levels, it may drop to around $70,000, as predicted by Arthur Hayes.
- BTC currently trades at $81,745, reflecting a 0.7% increase in the past 24 hours.
