Bitcoin's price could either rise to $74,400 or fall to $68,050, depending on how it interacts with a critical resistance level, according to analyst Ali Martinez. On the 4-hour chart, Bitcoin has formed an asymmetrical triangle, suggesting a potential price jump if it closes above the $69,330 resistance.
An asymmetrical triangle occurs when two trendlines with opposing slopes converge. A close above the upper resistance suggests a breakout, while a drop to the support level signals a potential correction. As of now, Bitcoin is trading at $69,031, close to the critical resistance point.
Martinez also pointed out a sell signal from the Tom DeMark (TD) Sequential indicator, which could push Bitcoin down to $68,050. The coin's next move heavily depends on whether it can surpass the $69,330 resistance.
Beyond technical indicators, on-chain data provides additional insights. The Coin Days Destroyed (CDD) metric, which measures the movement of long-term held coins, was down to 4.55 million, indicating that holders are not moving their coins significantly. This suggests reduced selling pressure, potentially supporting the bullish scenario.
Source: Glassnode
The liquidation heatmap reveals areas of high liquidity, which can attract price movements. Currently, there is a high level of liquidity at $70,300, suggesting Bitcoin could rise to this level. If it succeeds, it could break out to $74,500, where another significant liquidity zone exists. Conversely, a rejection at the resistance could see Bitcoin falling to $65,050.
Source: Hyblock
Given the current metrics and price action, Bitcoin seems poised to climb above $74,000, provided it can overcome the critical resistance at $69,330. The next few movements will be crucial in determining its short-term trajectory.
Bitcoin's next major move hinges on whether it can close above the $69,330 resistance, potentially pushing its price to $74,400 or causing a decline to $68,050.
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