Bitcoin clears $70,000 resistance: how sustainable is it?

Image: Shutterstock

Bitcoin rose over its $70,000 resistance of late for a brief period on Sunday, April 7, only to soar over the price point again on April 8, Monday. As of writing, Bitcoin hovers over $70,500.

In the past 7 days, Bitcoin is up by 1.55 per cent approximately, up a long way from the weekly low at around $64,700, as per data from CoinMarketCap. With Bitcoin halving approaching in 11 days, the sky is the limit now.

As for any downward journeys, Dylan LeClair, a UTXO Management senior analyst, has stated that even if Bitcoin does go low owing to immediate volatility in the month of April post halving, it is unlikely to go to $50,000 levels. He did still warn that anything can happen in the crypto market, however.

Bitcoin has moved inside a symmetrical triangle pattern for the last few days, which for now shows indecision in the market for the direction of the next move. The 20-day EMA or exponential moving average is at $68289, giving a buy signal, while the relative strength index or the RSI remains at the neutral (58), giving a moderate edge to the bulls for the time being. Given Bitcoin clears the next resistance around the $71,416 levels, we could be looking at about $73,662 in a month.

As analysts and users know, the next expected trigger for either an upside or downside would be the aforementioned halving event. In the mean time, as Bitcoin leads the market by and large, there are quite a few altcoins outshining BTC if we look at growth percentages.