Popular social media cryptocurrency trader and analyst, Ali Charts, highlighted Bitcoin’s key support and resistance levels, as the apex crypto trades just short of the $70,000 mark on Monday morning.
What Happened: In a Monday tweet, Ali Charts outlined the critical levels for Bitcoin. He noted that Bitcoin has found a stable base at $68,300. However, if it breaks below this level, the next support range lies between $65,250 and $63,150, where 760,000 wallets hold 520,000 BTC.
On a positive note, Ali Charts emphasized that securing $70,320 as support is crucial for Bitcoin’s next upward move.
Why It Matters: This analysis comes at a time when Bitcoin struggles to decisively break past its previous all-time high. Bitcoin recently surged back to $70,000, for a bullish first quarter and its highest-ever monthly close.
It could reach the $75,000 mark if it breaches its neckline resistance, although it has struggled to emphatically clear the $70,000 hurdle. Cryptocurrency analysts have taken to X (formerly Twitter) to discuss other charts, such as one highlighting the escalating climate crisis, which could potentially impact the crypto market.
As such, Ali Charts’ analysis provides valuable insights for traders navigating this uncertain market environment.
What’s Next: Bitcoin’s price trajectory and the impact of the Bitcoin halving are expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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