This key support level is important to hold because it will determine whether the uptrend will continue. The range high still lies above $72,000 right now, so that is where the bears are putting up the most resistance. Thus, the price will need to break the range high to continue upward, or break the key support to resume the downtrend.
However, the crypto analyst does explain that the Bitcoin price is not bearish at this time. This is because the price remains range-bound, and trading above the key support level holds it here. “An important point to keep in mind is that BTC is still range bound, and as long as that remains the case, price will mostly be liquidity driven, hunting both sides.”
