Experienced cryptocurrency analyst DonAlt said, BitcoinHe commented on the latest situation for the crypto king, noting that the upside potential of (BTC) could increase significantly if it manages to break above a significant resistance level. The analyst shared important resistance levels and ranges on the upside and important support levels on the downside.
Re-entering the $60,000 to $70,000 range will be important
DonAltIn his latest video on the TechnicalRoundup YouTube channel, he emphasized the importance of Bitcoin re-entering the range between $60,000 and $70,000. He emphasized that such a move would have a strong effect on further increases. The analyst stated that the price would need a candle close above $60,000 or $61,000 to re-enter this range. He added that exceeding these levels would be a positive indicator and that Bitcoin could regain its upward momentum. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Despite his optimism, DonAlt advised caution as Bitcoin approaches the $60,000 to $70,000 range. The analyst noted that there is significant resistance at $63,000, which could be an obstacle to further growth.
Although many investors are currently taking long positions, targeting between $60,000 and $63,000, the risk of such an increase being blocked by the resistance at $63,000 continues. This level is the biggest crypto moneyIt is seen as the biggest obstacle that the country must overcome for a sustainable rally.
DonAlt expects Bitcoin to rally towards the $70,000 level if it breaks above the $63,000 resistance. According to him, such a price move would represent a significant milestone for Bitcoin and could pave the way for further upward momentum. However, this scenario is contingent on Bitcoin breaking through the tough resistance at $63,000.
$52,000 is an important support, but…
On the downside, DonAlt noted that the $52,000 level is a strong support for Bitcoin. The analyst warned that this support has been tested before and is not as strong as it once was.
The analyst underlined that the price returning to this level could increase concerns about a potential collapse, adding that Bitcoin’s failure to hold above its $52,000 support could result in a drop to the $42,000 or $43,000 range.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
