Bitcoin at ₱4,160,610 ($70,500) Resistance: Three Paths Ahead
Analyst Lennaert Snyder is avoiding long positions at the top of Bitcoin's range, tracking three potential paths based on how the asset reacts to overhead resistance.
Key Takeaway
Bitcoin's reaction at $70,500 resistance will determine if it breaks to $74,000 or retreats to $62,800.
Crypto analyst Zord confirmed Bitcoin reached the Range High at around ₱4,160,610 ($70,500), setting up what he called the most important test of recent momentum. A successful breakout from this resistance could propel Bitcoin toward $74,000, though a definitive breakout has not yet materialized.
Analyst Lennaert Snyder is avoiding long positions at the top of the range, tracking three potential paths based on how Bitcoin reacts to overhead resistance. In his preferred scenario for a short position, Bitcoin would need to drop and lose the $69,383 market structure level before targeting $65,280 Weak lows for entry. His bearish setup requires Bitcoin first sweep buy-side liquidity at $71,200 or $72,846, then confirm a Market Structure Break before targeting the same $65,280 exit.
If Bitcoin gets rejected at current levels, Zord sees a retracement back to the Range Low at $62,800 as the most likely outcome. That would represent an 11% drop from the current resistance level and marks the key support traders are watching for signs of selling pressure.
The risk-to-reward ratio at elevated price levels makes long entries unfavorable, according to Snyder's analysis. The three paths boil down to a clean breakout toward $74,000, a rejection back to $62,800 support, or a liquidity sweep above $72,000 before a reversal at the $69,383 market structure level.
This article was written based on reporting from NewsBTC.
