Bitcoin’s price surge to $67,740 may not be the end of its volatility, as a crucial resistance at $68,000 could trigger a pullback to $60,000. However, the coin could later recover and trend higher to $72,000, according to AMBCrypto’s market analysis.
The liquidation heatmap played a key role in predicting this potential scenario, with high liquidation areas serving as support or resistance levels. Coinglass data revealed a significant cluster of liquidity between $67,626 and $68,000, suggesting that Bitcoin could retest these levels before a possible drop to $60,000, which could then act as support.
On the upside, the most concentrated area of liquidity was at $72,000, indicating that the next uptrend could push Bitcoin to this level. The Realized Price metric, which measures the average price divided by Bitcoin’s supply, also supported the possibility of a rally to $72,000.
Despite the potential pullback to $60,000, Bitcoin is not necessarily heading back to a bear market. The Realized Price was significantly lower than the current value, indicating that BTC has not reached the peak of its cycle. Additionally, the SOPR Ratio, which measures the profit ratio of the market, suggested that Bitcoin’s price could move higher, potentially reaching $72,000.
While a correction to $60,000 could be the first step towards hitting the $72,000 region, Bitcoin could undergo a consolidation phase before experiencing a potential upswing. Overall, the current market indicators point towards a possible rally to $72,000, despite the short-term resistance at $68,000.
