Bitcoin looks ready to break $70k — but one group decision keeps capping the rally
Bitcoin is approaching $70,000, but faces resistance due to selling pressure from recent buyers around that price level.Summary
Bitcoin is showing signs of recovery as macro pressures ease, but struggles to break the $70,000 resistance level due to a concentrated supply of coins held by buyers who recently purchased in that range. While improving macroeconomic conditions – easing oil prices, a softening dollar, and lower yields – provide a supportive backdrop, the market lacks the strong, sustained demand needed to overcome this supply. Derivatives markets are neutral, with reduced leverage and volatility, indicating a wait-and-see approach. The upcoming U.S. payrolls report will be a key catalyst, potentially reinforcing the current relief rally or introducing new headwinds. The market is currently in a decision phase, awaiting a clear signal of demand strength to surpass the $70,000 barrier.
(Source：CryptoSlate)