Over the last day, Bitcoin prices have remained within the $70,000 – $72,000 region, recording no significant movement. This market calmness comes after the premier cryptocurrency’s initial breakout above the $70,000 resistance during the past week, before prices retraced. With Bitcoin now sustaining a price move above the former $70,000 barrier, on-chain data has identified the multiple key levels that deserve investors’ attention in analyzing the next major price move.
Bitcoin Bulls Eye Return To $95K Region, But Key Resistance AwaitsNotably, Bitcoin presently trades around $71,600 below the -0.5 band, a notable support level in bull markets, that presently aligns with the $73,726 price level. According to Ali Martinez, if Bitcoin can decisively reclaim this level, it would boost bullish sentiments and potentially initiate a price surge to around $95,894, which currently represents the mean band and is considered the fair market value for Bitcoin.
If market demand is sustained, Bitcoin could continuously rise to the +0.5 band at $118,062, which would represent a strong zone for bullish expansion. However, investors should start exhibiting caution once prices reach the +1.0 band at $140,229, which is considered an extreme overvaluation zone. At this point, Bitcoin is considered far above its fair value and realized price, triggering a high possibility of a pullback via profit-taking.
On the other hand, a price rejection at $73,726 could force a price drop to around the realized price at $54,703, representing a potential 25% decline.
Bitcoin Market OverviewAt press time, Bitcoin is valued at $71,626, following a minor 0.81% gain in the past 24 hours. However, daily trading volume is also down by 59.36%, suggesting that market participation has recently declined. On the larger timeframes, weekly and monthly gains of 5.08% and 8.35%, respectively, indicate significant price gains in the last few weeks. Coupled with the revival of the Bitcoin spot ETFs market, the premier cryptocurrency may be gathering momentum for full-scale recovery. But it remains early to tell.
