Top Analyst Says There’s ‘Some Hope’ for Bitcoin if BTC Rises Above Major Resistance Level – But There’s a Catch

The bullish prospects for Bitcoin (BTC) could rise if the flagship crypto asset manages to climb back above a key resistance level, according to an analyst and trader.

The analyst pseudonymously known as DonAlt tells 61,400 subscribers of the TechnicalRoundup YouTube channel that Bitcoin re-entering the range between $60,000 to $70,000 would provide a “really really good setup” for more upside.

“There is some hope in the form of we’re just going to reclaim the range… and that would mean closing back above $60,000, $61,000 that would be good right like if it can make it above here [$60,000].”

Bitcoin is trading at $58,619 at time of writing.

On Bitcoin’s prospects for reclaiming the $60,000 – $70,000 range, DonAlt says,

“I would still be cautious because then we have this massive resistance here in the form of $63,000 where I think a lot of people would maybe leverage long between $60,000, $61,000, $62,000 and $63,000 and you could still get completely stuffed by $63,000. I think that’s the major resistance in the range.”

According to the pseudonymous analyst, Bitcoin could rally to the $70,000 resistance level if it manages to get back above $63,000.

On Bitcoin’s potential downside prospects if BTC fails to climb above the $60,000 resistance level, DonAlt says that the flagship crypto asset has “okay support” at around $52,000.

“I think generally we tested it [$52,000] before that’s why it’s okay. Still decent but it’s not as great as it was before. If we go back there I’d be a little bit worried that it might actually just fully break down and then we have $42,000, $43,000 down here.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: DALLE3

The post Top Analyst Says There’s ‘Some Hope’ for Bitcoin if BTC Rises Above Major Resistance Level – But There’s a Catch appeared first on The Daily Hodl.