Bitcoin Price Analysis: BTC Has to Reclaim This Crucial Level to Aim for New All-Time Highs
2024-10-28

Bitcoin is showing strong signs of a bullish recovery, with its price approaching the key $70K resistance level.
Buyers are focused on breaking this critical threshold, aiming for a new all-time high by the end of the year.Technical Analysis
By ShayanThe Daily Chart
Bitcoin’s price action on the daily chart reflects a significant bounce after finding support within the 0.5 ($56K) and 0.618 ($52K) Fibonacci retracement levels. This support zone has repeatedly halted bearish attempts and has acted as a base for buyers to re-enter the market.
The surge in buying pressure has allowed Bitcoin to reclaim the 100-day and 200-day moving averages, signaling a shift toward the bullish sentiment. Bitcoin is now testing the $70K resistance region, and a successful breakout could lead to a sharp upward move, potentially driven by a short squeeze, reinforcing the bullish trend.The 4-Hour Chart
On the 4-hour chart, Bitcoin’s bullish momentum is more apparent. The asset saw a strong bounce at the ascending wedge’s lower boundary near $58K, which fueled a powerful uptrend. This move pushed Bitcoin above its previous significant swing high at $66K, marking a higher high in the 4-hour timeframe.
Now, BTC is consolidating within a narrow range between $66K and $70K. A breakout above the $70K resistance level and the wedge’s upper boundary would confirm the continuation of the bullish trend, potentially pushing Bitcoin toward a new ATH in the mid-term.On-Chain Analysis
By Shayan
Bitcoin is experiencing increasing buying pressure, and a breakout above the critical $70K level appears imminent. The futures market provides further insight into the underlying dynamics, suggesting that this threshold could trigger a significant short liquidation event, amplifying the uptrend.
The liquidity concentration has shifted above the $70K mark, making this price range a focal point for market participants. Large liquidity pools above this level indicate that a breakout would likely attract more buyers and force short sellers to close their positions, fueling upward momentum.
This scenario points toward a potential short-squeeze, where a cascade of short liquidations could propel Bitcoin beyond $70K. Given the current technical setup and futures market positioning, Bitcoin is expected to maintain upward pressure soon. A breakout could result in a swift move above $70K, with further gains likely as the liquidation process unfolds.