Bitcoin (BTC) Price Might Be on Track to Hit $75,000, but There's Key Resistance

Popular cryptocurrency trader Jelle is “pretty sure” that the price of Bitcoin, the flagship cryptocurrency, could reach the much-coveted $75,000 level by the end of the week.

Bitcoin has already experienced an 18% correction, plunging below the $61,000 level last week. Since then, the cryptocurrency managed to pare these losses and reclaim the peak of the previous bull run.

Earlier today, the largest cryptocurrency surpassed the $71,500 level on major spot exchanges. However, it has since slipped below the $69,000 level.

As reported by U.Today, Bitcoin lost some ground together with the broader cryptocurrency market after Coinbase, the largest US exchange, failed to dismiss a lawsuit filed by the U.S. Securities and Exchange Commission. Now, the lawsuit is moving to the discovery phase.

For now, it seems like there is calm before another massive market move.

Coinglass data shows that roughly $239 million worth of crypto has been liquidated over the past 24 hours. Long positions account for the lion's share of the sum ($166 million).

Key resistance levels

At the same time, well-known cryptocurrency analyst Ali believes that the main resistance barrier for Bitcoin is between $70,180 and $70,600.

According to data provided by IntoTheBlock, a large concentration of 291,000 addresses that bought Bitcoin at the average price of $70,223 is out of the money.

As noted by blockchain analytics firm Glassnode, the flagship cryptocurrency had reached “a statistically significant level” when it comes to Unrealized profit held within its supply.

It is worth mentioning that only 21 days remain before the next Bitcoin halving, and some traders are still convinced that the largest cryptocurrency could see a major rally before this major event.