- Bitcoin tests $69K support with reduced sell pressure from Mt. Gox and Saxony.
- Bitcoin is currently in the “Boredom Range,” market eyes breakout above $74K.
- Reduced sell pressure and moving average support help Bitcoin hold $69K.
Bitcoin is currently at a pivotal juncture, with the cryptocurrency turning the 2021 cycle highs into support once more. Previously, Bitcoin’s price fell back below this level on two occasions, but the current context suggests a different outcome. Reduced sell pressure from significant sources like Mt. Gox and Saxony could play a crucial role in maintaining support and driving prices higher. The key question now is whether Bitcoin can surpass the $74,000 mark.
The analysis by Jelle, a prominent analyst on X, highlights three critical ranges for Bitcoin: “Money Printing Season,” “Boredom Range,” and “Instant Noodle Season.” The “Money Printing Season” spans from approximately $74,000 to $82,000, indicating a period of high bullish activity driven by strong buying pressure and increased market liquidity.
The “Boredom Range,” between $62,000 and $74,000, represents a consolidation phase with market indecision and price fluctuation within a narrow band. Lastly, the “Instant Noodle Season,” ranging from $54,000 to $62,000, suggests lower price levels and potentially bearish sentiment. As of the latest data, Bitcoin trades at $66,463.73, placing it in the “Boredom Range.”
In yet a separate analysis, Jelle observes that Bitcoin is attempting to solidify the 2021 cycle highs, around $69,000, as support. This level has historically been a significant resistance, and turning it into support is seen as a bullish signal.
Jelle’s analysis points out that on two previous occasions, Bitcoin failed to maintain this level, resulting in price declines. However, the current scenario shows reduced sell pressure from Mt. Gox and Saxony, increasing the likelihood of holding this support. Additionally, a moving average acts as dynamic support, bolstering the bullish outlook.
If Bitcoin can hold above the $69,000 support level and break through the $74,000 resistance, it could signal the start of a new bullish phase. The absence of significant sell pressure from major sources supports this potential upward movement.
Will Bitcoin Hit $100K? Key Metrics and Economic Factors to WatchConversely, if Bitcoin fails to maintain the $69,000 support, it could revisit lower levels. Despite this risk, the reduced sell pressure and support from the moving average suggest limited downside risk. According to CoinGecko, Bitcoin’s price declined by 4.06% in the last 24 hours and by 0.19% in the past 7 days, with a current market cap of $1,311,547,420,932
