Bitcoin (BTC) and altcoins surged following news of a ceasefire between the US and Iran. However, Bitcoin failed to surpass the $73,000 level for the third time after the ceasefire, and the rally was cut short.
This $73,000 level has been a resistance level for the price in every rise since the start of the conflict with Iran in late February.
According to analysts, while the pullback in BTC remained modest, Bitcoin posted its strongest weekly performance since the start of the war, with a 7% weekly increase.
At this point, analysts say that the $75,000 level needs to be broken for the market to enter a true bull phase.
Speaking to Coindesk, FxPro analyst Alex Kuptsikevich stated that the $73,000 level is a resistance point for Bitcoin.
According to the analyst, Bitcoin has attempted to break this level three times since the ceasefire was announced. However, each attempt resulted in a rally that faded within hours.
At this point, the analyst stated that for Bitcoin and the broader market, including altcoins, to enter an uptrend, BTC needs to surpass at least $75,000. Kuptsikevich noted that repeated rejections at $73,000 are a barrier that needs to be overcome before Bitcoin’s rally can proceed.
Similarly, Mike Novogratz argues that for Bitcoin to reach the $80,000 level and continue its rise, it first needs to break above and sustainably hold above $74,000. Novogratz stated, “Breaking above these levels could create a new wave of optimism and restart the uptrend.”
Alex Kuptsikevich also examined Ethereum (ETH) in addition to Bitcoin. The analyst stated that Ethereum has a similar structure and that the ETH price also moves within a similar range.
The analyst described Ethereum’s recent movements as market volatility within the consolidation zone between $2,000 and $2,400, stating, “A breakout of ETH beyond this calm consolidation zone would signal the start of an upward move.”
*This is not investment advice.
