Bitcoin (BTC) Tests $70K Resistance – $100K Target Next?

Bitcoin (BTC) has demonstrated strength today, pushing its price close to $70,000. The crypto has surged approximately 30% from its recent low of $53,000

Bitcoin (CRYPTO: BTC) price surged closer to $70,000 on Monday morning, as the world’s largest apex crypto showed strength once again.

The crypto had soared nearly 30% from recent lows of $53,000 and approached a critical resistance level near its all-time high (ATH).

Chart shows BTC price action over recent months.

Bitcoin Price Analysis: Resistance In Focus, What Next?

Crypto analyst Sjuul, who shared the above chart, noted that this resistance was now pivotal, as it could either lead to a breakout into new price discovery or serve as a key obstacle.

Bitcoin had been consolidating within a range for five months now, the analyst noted. This consolidation began in February 2024, following a 200% rally in 2023.

During this period, BTC price moved between $60,000 and $70,000, with a brief wick to $53,000 earlier this month.

Bitcoin’s sixth attempt at breaking through resistance was underway.

“The more a level is tested, the weaker it becomes!” Sjuul noted.

This resistance was also key because it coincided with Bitcoin’s ATH. A breakout could propel BTC into new highs.

Among key technicals, the “power of 3 setup” was a crucial indicator, the analyst noted. This setup, combined with the Daily EMA200, provided strong confluence. It confirmed the start of an expansion phase, suggesting potential for further upside.

BTC Price Prediction: What Level Next?

If Bitcoin were to break its ATH, Sjuul predicted a possible move towards $100,000.

This target was arrived at using Fibonacci extension levels, with the key 1.618 Fibonacci level aligning with the six-figure price point.

However, the analyst cautioned against rushing into longs at current levels.

Two important price levels emerged from the liquidation heat map. Resistance around $72,000 was crucial for Bitcoin to enter price discovery mode.

Moreover, below the current price, a support cluster formed during a recent speech by former President Trump was seen at around $63,000.

Institutional Interest Remained A Factor

Last week saw decent inflows into Bitcoin spot ETFs, although Sjuul noted that these inflows were not spectacular.

The coming week may offer more insight into whether traditional investors were set to increase their exposure to Bitcoin.

While the overall outlook appeared bullish, Sjuul recommended patience. Traders could consider waiting for a dip to the 4-hour EMA200 level or for a clear breakout above resistance before entering new positions.

This approach balanced potential upside with prudent risk management.

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