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Bitcoin Holds Steady at $62K: Can Bulls Push Past $72K Resistance?

Bitcoin Holds Steady at $62K: Can Bulls Push Past $72K Resistance?

CoineditionCoinedition2024/04/18 09:25
By:Abdulkarim Abdulwahab
  • Following days of extreme volatility, BTC established a ranging zone around $62K.
  • An analyst identifies $61K and $72.4K as support and resistance, where a breach would be significant.
  • Bitcoin is expected to further crash to $51,200 or soar to a price of $86,000.

Following days of bloodbath in the crypto market, Bitcoin appears to have found a new ranging zone around the $62K threshold. According to CoinMarketCap data, Bitcoin saw a 3.21% drop in the last 24 hours, with its price at $61,800. 

Similarly, Ethereum mirrored Bitcoin’s trajectory, witnessing slight negative gain over the past day, with its price at $3,020. Meanwhile, other prominent digital assets ranking in the top ten, like BNB and Toncoin (TON), have registered paltry positive gains of below 1% at press time.

Amid Bitcoin’s newfound trading zone, prominent market watchers like Ali Martinez are forecasting the market’s next move, considering bearish and bullish scenarios. In a recent post on X, Martinez pointed out Bitcoin’s most crucial support and resistance levels amid consolidating in a parallel channel. He noted that the asset’s crucial ranging point is between $61,000 and $72,400, and a breach would significantly impact the crypto market.

Let's keep it simple and only focus on support and resistance!

By the looks of it, #Bitcoin has been consolidating in a parallel channel, which makes $61,000 the most important support level and $72,400 the most important resistance level.

If $BTC breaks below support, it could… pic.twitter.com/ae5M2g9CX2

— Ali (@ali_charts) April 16, 2024

On the bearish side, the analyst argued that should Bitcoin lose the $61K support, the asset would tank further by 15% to $51,200. Notably, on Saturday, when Bitcoin crashed to $60,900, the dip was barely 10%, and altcoins like BONK and PEPE plummeted by over 40%.

Meanwhile, Martinez’s bullish market scenario requires Bitcoin to conquer the $72K resistance. In recent weeks, BTC has found this resistance level formidable. The last few times it tested it, it failed to overcome it. 

Nonetheless, the analyst projected that a successful breakout from $72,400 would send Bitcoin to an unprecedented price of $86,000. With a market value of $63,500, Bitcoin needs a 13% rally to surpass $72,400.
Market participants reacting to the analyst’s project expressed that negative energies now abound in the crypto sphere, suggesting the crash to $51K could occur sooner than the surge to $86K.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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