The bullish prospects for Bitcoin (BTC) could rise if the flagship crypto asset manages to climb back above a key resistance level, according to an analyst and trader.
The analyst pseudonymously known as DonAlt tells 61,400 subscribers of the TechnicalRoundup YouTube channel that Bitcoin re-entering the range between $60,000 to $70,000 would provide a “really really good setup” for more upside.
“There is some hope in the form of we’re just going to reclaim the range… and that would mean closing back above $60,000, $61,000 that would be good right like if it can make it above here [$60,000].”
Bitcoin is trading at $58,619 at time of writing.
On Bitcoin’s prospects for reclaiming the $60,000 – $70,000 range, DonAlt says,
“I would still be cautious because then we have this massive resistance here in the form of $63,000 where I think a lot of people would maybe leverage long between $60,000, $61,000, $62,000 and $63,000 and you could still get completely stuffed by $63,000. I think that’s the major resistance in the range.”
According to the pseudonymous analyst, Bitcoin could rally to the $70,000 resistance level if it manages to get back above $63,000.
On Bitcoin’s potential downside prospects if BTC fails to climb above the $60,000 resistance level, DonAlt says that the flagship crypto asset has “okay support” at around $52,000.
“I think generally we tested it [$52,000] before that’s why it’s okay. Still decent but it’s not as great as it was before. If we go back there I’d be a little bit worried that it might actually just fully break down and then we have $42,000, $43,000 down here.”
Generated Image: DALLE3
