Last week, Bitcoin the cows seemed to have taken control of the treeeventually pushing it over $73,000 again. There has been a gradual decline since then, with the bears trying to retest the $70,000 level by the end of the week. For now, the bulls are still open, but there is still a chance for the price to fall again. To that end, the price of Bitcoin has an important role to play in whether the bulls will support the rally.
The Magic Point For Bitcoin Is At $70,500
After the initial rejection from the upper level, the price of Bitcoin is now moving to a key level. According to crypto analysts Max Tradesnow it’s on to the next big contributor that bulls should have. This level is at just $70,500, to live the biggest support since the uptrend started.
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This important support level is important to hold because it will determine if the uptrend will continue. The top model is still above $72,000 right now, so that’s where the bears are most resistant. Therefore, the price must either break the upside to continue higher, or break the necessary support to resume the downward trend.
Another major factor that is dragging down the price is that there is a CME gap that has yet to be filled. This CME gap is below $67,000, making it a magnet for bears. With this in mind, if the price of Bitcoin was able to break the necessary support at $70,500, then it will start to weaken bullish structure which started playing last week.
A push to the CME gap would mean a break below $67,000, pushing to $66,000 to make a bottom. However, even this is not possible know that it is down about a downtrend, as there is a possibility of another push down to get more money.
Major liquid levels are below $65,000, where the whales can push for more profit. This means that when it happens where The main support is brokenit would be just the beginning of this behavior. The last move will be a a special event it can send it even lower.
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However, a crypto expert explains that the price of Bitcoin is not stable at this time. This is because the price remains stable, and trading above the demand level holds here. “The important thing to remember is that BTC is still stable, and as long as that is the case, the price will be driven by money, hunting both sides.”
Image from Dall.E, chart from TradingView.com
