Analysts consider that Bitcoin faces a decisive test at the $75,000 resistance zone

Bitcoin is approaching key resistance at $70,500 and key support at $67,800 as analysts closely monitor market trends.

Bitcoin is once again in the spotlight as it approaches a key market benchmark that could determine its short-term trajectory. As a result, market analysts are closely monitoring the resistance level near $70,500, which could either signal a step towards new highs or the start of a deeper correction.

$70,500 resistance

Recent analysis by market experts has highlighted that the $70,500 level is a major resistance point for Bitcoin. Market analyst Tara shared on X that this level could be difficult to overcome.

she Note This means that if Bitcoin fails to break out of this barrier, it may be pushed back to the support level around $67,800. This particular support has historical significance as it has previously acted as a breakout point and could act as a strong base if retested.

In addition to the technical perspective, Tara's analysis highlights: Bitcoin's RSI is just above 60. While this is not traditionally considered overbought territory (usually above 70), it does signal that Bitcoin is approaching a level where price reversals are common and traders Justifies cautious optimism among the.

Remarkable support levels

Several key support levels are expected to play a key role in the event of a downward correction. According to renowned market analyst Michael van de Poppe, Bitcoin is currently Integrated Zone There is a possibility that the $68,000 level will be retested before the upward move resumes. This consolidation phase signals a healthy market correction and allows Bitcoin to gain strength for the next rally.

Additionally, Michael highlights a key resistance level on the chart at $73,660, a threshold that has proven difficult in the past. Bitcoin To exceed. Additionally, there are several support levels where the $67,789 point provides short-term support. At the same time, $60,748.29 and $50,521.95 have been identified as potentially strong support zones that could be impacted if a more severe market correction develops.

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supply and demand zones

Analyst Ali goes deeper pointing out The supply zone between $70,180 and $70,600 is particularly important, hosting over 450,000 addresses and holding approximately 273,000 BTC in total. This concentration can cause significant resistance as a large amount of Bitcoin is held within this range.

Conversely, intoTheBlock's global In-Out-of-the-Money (GIOM) data shows that there are several “in-the-money” zones where the majority of holders have profited. is shown. This reduces the probability of a decline in these ranges. Notable among these are the range from $59,595.76 to $61,698.29 containing 3.26 million BTC and the range from $63,800.82 to $65,903.34 containing approximately 960.5k BTC.

The $68,005.87 to $70,108.39 range, which is close to the current price level, is very important because there are many recent buyers who are “on the money.” This indicates that these levels of activity may increase depending on market movements.