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Yesterday, the Bitcoin (BTC) price showed an impressive result, rising 5.11% to $66,500, but more importantly, this rally took Bitcoin above a key resistance level, which it has seen today. Confirmed by successful retest. The pattern in which Bitcoin has been trading for the past six months appears to be a thing of the past, and now BTC has a new opportunity, but which one it will seize is anyone’s guess.
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At this critical moment, renowned veteran trader Peter Brandt shared an important prediction regarding Bitcoin’s price trajectory. Brandt pointed out that the key zone for Bitcoin is around $68,000, where several important price points intersect.
yellow zone
According to his analysis, unless Bitcoin manages to close above this level, supply-side pressures will prevent the price from rising further and the price may level off or fall again.
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Yellow zone important for Bitcoin $BTC
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Brandt also noted that the current price pattern is not consistent with what many would call a “bull market.” Instead, he categorizes it as an inversely expanding triangle, which has different implications for Bitcoin’s short-term price movements. His analysis suggests that despite recent bullish moves, Bitcoin price movements may still face significant resistance.
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Although BTC has made progress, the coming days will be crucial in determining whether the cryptocurrency is able to move beyond this resistance zone and consolidate its position, or whether it faces new challenges. Masu. For now, traders and investors alike are focusing on the $68,000 level, which could be the next phase of Bitcoin’s price movement.
