Key Resistance Awaits
Ali’s analysis brings to the forefront a specific resistance barrier that Bitcoin faces on its path to achieving a new ATH. According to Ali, a resistance level at $70,320, characterized by a total volume of 599,260 BTC held by 736,380 addresses, stands as the gatekeeper to further bullish momentum.
Surpassing this threshold could potentially catalyze Bitcoin’s ascent, further solidifying its status as the pinnacle of the cryptocurrency market.This resistance particularly represents the collective anticipation and strategic positioning of hundreds of thousands of investors who have staked their claims in Bitcoin’s digital gold.
finds solid ground at $68,300, yet a break below could lead to a downswing to the next support range at $65,250-$63,150, where 760,000 wallets hold 520,000 . On the brighter side, securing $70,320 as support is vital for next leg up! — Ali (@ali_charts)
Caution Amid Bitcoin Record Streak
Amidst this backdrop, author and former hedge fund manager Jim Cramer has his observations, suggesting that the market is “the most overbought” it has been in a while.The observations come just as Bitcoin marks its seventh month of positive performance, a milestone last achieved in 2012. This period of growth is highlighted by a monthly candlestick chart closing higher than the peak of its last cycle.
Adding to this “overbought” sentiment by Jim Cramer is a transaction of the seventh wealthiest Bitcoin address withdrawing 8,889 BTC from Bitfinex, valued at roughly $627 million, recorded by Peckshield. However, despite this, Cramer’s statements have sparked debates and skepticism among the crypto community, with some questioning the timing of his comments as an April Fool’s jest.April Fools + Cramer Signal = Massive rip incoming — TB – JDUN (@Jduntrades)