Key Resistance Awaits<\/h2>\n
Ali’s analysis brings to the forefront a specific resistance barrier<\/a> that Bitcoin faces on its path to achieving a new ATH. According to Ali, a resistance level<\/a> 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<\/a>.<\/p>\n Surpassing this threshold could potentially catalyze Bitcoin’s ascent, further solidifying its status as the pinnacle of the cryptocurrency market.<\/p>\n This resistance particularly represents the collective anticipation<\/a> and strategic positioning of hundreds of thousands of investors who have staked their claims in Bitcoin’s digital gold.<\/p>\n #Bitcoin<\/a> 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 $BTC<\/a>.<\/p>\n On the brighter side, securing $70,320 as support is vital for #BTC<\/a> next leg up! pic.twitter.com\/EMPBRRADzT<\/a><\/p>\n \u2014 Ali (@ali_charts) April 1, 2024<\/a><\/p><\/blockquote>\n Meanwhile, the crypto market’s sentiment has been a rollercoaster, with Bitcoin experiencing a slight retreat, marking a 1.4% decrease over the past week and a 2.4% dip in the last 24 hours, landing at a market price of $68,448, at the time of writing.<\/p>\n Amidst this backdrop, author and former hedge fund manager Jim Cramer has voiced<\/a> his observations, suggesting that the market is “the most overbought” it has been in a while.<\/p>\n The observations come just as Bitcoin marks its seventh month of positive performance<\/a>, 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.<\/p>\n 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.<\/p>\n\n
Caution Amid Bitcoin Record Streak<\/h2>\n