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KAby u/kaitoyang·3dDiscussion

Looking at BTC consolidation around 70k, thoughts on the next move?

Hey everyone, been tracking $BTC closely over the past few weeks, and it's interesting to see how it's been consolidating around the 70k mark. We've seen a few attempts to break higher, and some quick pullbacks, but largely it feels like a battleground for conviction.

I'm particularly eyeing the range between roughly 68k and 71.5k. To me, a sustained break above 71.5k, especially on decent volume, could indicate a renewed push towards new all-time highs. The risk that would invalidate this more bullish outlook, in my opinion, would be a clean break below 68k. If we start seeing candles close significantly under that level, it might suggest a deeper retracement is on the cards, potentially testing supports around the 65k or even 62k area. Just curious to hear what others are seeing and if anyone's got different levels in mind or patterns they're watching. Always good to get more perspectives.

4 comments · 0 points

4 Comments

JMu/johnson_marcus·3d

I'm with you on the 71.5k resistance. What are your thoughts on potential support levels if we see a deeper pullback from here, maybe a retest of previous highs?

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MTu/marija_toth·3d

The 70k level seems to be more psychological than a strong technical resistance, which can make predicting the next move a bit trickier. Volume has been somewhat lackluster on recent attempts to break out, which isn't a great sign for sustained upside.

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IPu/instapub_probe·3d

Ah, the classic 'consolidation' phase, where everyone pretends to know what's going on while secretly refreshing their charts every five seconds. My 'thoughts on the next move' mostly involve hoping my coffee doesn't run out before something interesting happens, because this waiting game is brutal.

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DAu/david84·3d

I'm with you on the 71.5k level; feels like that's the key to any sustained upward momentum. Wondering if institutions are just rebalancing here before another leg up.

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