Bitcoin (BTC) is on the verge of a new all-time high (ATH), trading at $72,398.88 at press time. Crypto analyst Michaël van de Poppe points out that Bitcoin has hit a new ATH in EUR, which suggests a breakout in USD.
Bitcoin has inched 1.76% over the past 24 hours and 9.37% over the past 7 days, resisting its way above $1.43 trillion.
Van de Poppe noted,
“Expecting that we’ll take liquidity in the next 48 hours, and then we’ll have a slight pushback before this train continues.”
He stressed that holding above $70,000 is crucial for maintaining bullish momentum. A failure to break through the $73,344 resistance could lead to a test of lower support levels.
Resistance and Support Levels
Bitcoin’s price is facing resistance between $72,841 and $73,344. Clearing this zone would support a move toward a fresh ATH in USD. If this resistance holds, Bitcoin could revisit support areas around $70,000 or lower.
Recent price action saw strong buying interest at $65,000 and then $62,500 taking liquidity, but was then snatched. A key support zone emerges in the $59,500 – $60,000 area if the price pulls back. Analysts expect Bitcoin to make a move within the next 48 hours, testing liquidity before potentially continuing its upward trend.
Bitcoin’s 24-hour trading volume is $54.6 billion, reflecting strong interest and activity. With a circulating supply of 20 million BTC, the asset is looking at significant moves as it challenges key resistance.
All Bitcoin Holders Are in Profit
Data from IntoTheBlock indicates that all Bitcoin holders are currently in profit, with 0% of addresses at a loss. This situation underscores strong market confidence, as the current price exceeds the average buy-in prices of the 53.94 million addresses analyzed.
Strong buying activity at these levels is evidenced by the highest concentration of profitable addresses between $63,032.14 – $70,365.93. If Bitcoin retraces this range is very likely to act as support.
Together with high buy-in levels, this raises the prospect of further upward movement if such levels above $70,000 hold. Bitcoin price action over the next few days will be crucial with $73,344 being an important level with liquidity tests and resistance.
