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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Teeters On The Edge Of Glory: Will It Smash The $70,000 Resistance?

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
Bitcoin (BTC)

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Bitcoin (BTC) has been making waves with its steady climb towards setting a new all-time high (ATH), currently finding a foothold at the $68,000 zone.

This level of performance represents a culmination of investor confidence, market dynamics, and underlying economic factors that paint a broader picture of the digital currency’s “resilience and appeal.”

Crypto analyst Ali has recently shed light on a critical juncture in Bitcoin’s journey, identifying a significant resistance level that could influence its short-term price movements.

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Key Resistance Awaits

Ali’s analysis brings to the forefront a specific resistance barrier that Bitcoin faces on its path to achieving a new ATH. According to Ali, a resistance level at $70,320, characterized by a total volume of 599,260 BTC held by 736,380 addresses, stands as the gatekeeper to further bullish momentum.

Surpassing this threshold could potentially catalyze Bitcoin’s ascent, further solidifying its status as the pinnacle of the cryptocurrency market.

This resistance particularly represents the collective anticipation and strategic positioning of hundreds of thousands of investors who have staked their claims in Bitcoin’s digital gold.

#Bitcoin finds solid ground at $68,300, yet a break below could lead to a downswing to the next support range at $65,250-$63,150, where 760,000 wallets hold 520,000 $BTC.

On the brighter side, securing $70,320 as support is vital for #BTC next leg up! pic.twitter.com/EMPBRRADzT

— Ali (@ali_charts) April 1, 2024

Meanwhile, the crypto market’s sentiment has been a rollercoaster, with Bitcoin experiencing a slight retreat, marking a 1.4% decrease over the past week and a 2.4% dip in the last 24 hours, landing at a market price of $68,448, at the time of writing.

Bitcoin (BTC) price chart on TradingView
BTC price is moving sideways on the 4-hour chart. Source: BTC/USDT on TradingView.com

Caution Amid Bitcoin Record Streak

Amidst this backdrop, author and former hedge fund manager Jim Cramer has voiced his observations, suggesting that the market is “the most overbought” it has been in a while.

The observations come just as Bitcoin marks its seventh month of positive performance, a milestone last achieved in 2012. This period of growth is highlighted by a monthly candlestick chart closing higher than the peak of its last cycle.

Adding to this “overbought” sentiment by Jim Cramer is a transaction of the seventh wealthiest Bitcoin address withdrawing 8,889 BTC from Bitfinex, valued at roughly $627 million, recorded by Peckshield.

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However, despite this, Cramer’s statements have sparked debates and skepticism among the crypto community, with some questioning the timing of his comments as an April Fool’s jest.

April Fools + Cramer Signal = Massive rip incoming

— TB – JDUN (@Jduntrades) April 1, 2024

Featured image from Unsplash, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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