Bitcoin (BTC) Reached the $69k Resistance Zone. What's Next?

Bitcoin [BTC] reached the $69k resistance zone. In an earlier report, it was highlighted that the liquidity pool at this level would likely attract

Bitcoin [BTC] price declined after reaching the $70,000 resistance level on Friday. A previous report had emphasized that this level of liquidity pool would attract prices before a possible bearish reversal.

In the last 24-hour trading range, BTC reached $70,400 and traded at $67,500, down $2,700 at press time. Earlier in the week, metrics were trending downward in the short term. Monday's trading session could set the trend for the coming week.

Possible scenarios for Bitcoin this week Source: Hyblock

AMBCrypto analyzed the 7-day retrospective period on its liquidation heat map. There was a group liquidation level at $70,000 and $66,400.

In the last few hours, the price reversal from the $69,000 region added to the liquidity pool around $70,000.

This makes it an interesting price target for Bitcoin on Monday. A move to the $70,000 area could be expected to get bulls hopeful and sweep liquidity before a reversal.

This price bounce could lead to a decline towards the $66,400 level. A move beyond either level will likely signal whether this week will be bullish or bearish.

Hints from the dominance chart Source: BTC.D on TradingView

Bitcoin Dominance chart showed a break above the December rises. This meant that Bitcoin was outperforming major altcoins. In the event of a market-wide decline, altcoins would suffer disproportionately.

Depending on Monday's directional clues, traders can use this information to decide which assets to trade.

Read Bitcoin's [BTC] 2024-25 Price Forecast

Tether Dominance chart is inversely proportional to crypto market price movements. When USDT.D rises, it means investors switch to stablecoins and sell their crypto.

Tether Based on the dominance trend, a move to the downside could occur this week. Traders can keep a close eye on Monday's performance and structure their directional bias accordingly.

Last month, USDT.D movement on Mondays generally set the tone for the week ahead.

The above is the detailed content of Bitcoin (BTC) Reached the $69k Resistance Zone. What's Next?. For more information, please follow other related articles on the PHP Chinese website!