30s Summary

Bitcoin (BTC) has surpassed the $70,000 mark, reaching record highs of over $76,000. Traders explore possible resistance at around $90,000 and predict that the strengthening momentum could allow BTC to potentially test this mark. However, a fall below $66,824 could end the bullish outlook. The options market indicates potential resistance at $80,000 and $100,000. Meanwhile, cryptocurrencies like Solana’s SOL have seen substantial gains, especially with the return of pro-crypto Donald Trump, potentially driving prices towards the 2021 highs.

Full Article

Bitcoin, also known as BTC, has finally jumped the $70,000 mark, setting new records over $76,000 after a few tough months. Now, people are wondering where the next significant hurdle is for the cryptocurrency.

One way to figure that out is to look at the price graph, for example, a line drawn from the highest points of BTC in April and November 2021 suggests that the next significant resistance could be at around $90,000. These lines help traders see the general trends and predict potential support or resistance levels. As the price of BTC nears $90,000, traders might start selling or taking profits, which could slow down its climb.

However, BTC breaking the $70,000 mark shows the trend setting new records, and the Moving Average Convergence Divergence (MACD) histogram indicating strengthening momentum also supports the bullish trend. All these suggest that BTC could test the $90,000 mark soon. But the bullish outlook would be nullified if the price falls below the weekly low of $66,824.

Options market activity hints at potential resistance at $80,000 and $100,000. Cryptocurrencies such as Solana’s SOL saw greater gains after the return of pro-crypto Donald Trump, with its BTC-denominated price (SOL/BTC) rising around 11% this week.

If SOL’s price breaks the rangebound activity, it would mean that the bulls are ready to drive the price towards the highs of 2021. However, the weekly candle must close above the upper trendline on Sunday (UTC) to confirm this breakout.

Editor: Parikshit Mishra.