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Bitcoin, the first and largest cryptocurrency by market capitalization, experienced downward pressure shortly after reaching new all-time highs on Tuesday, failing to maintain its momentum above $69,000 and falling as low as $59,313.
BTC recovered from this low with a surprising drive for the crypto asset, and it has since demonstrated unusual resilience and stability above $66,000, which remains a critical support and milestone for the top cryptocurrency.
As Bitcoin remains above $66,000, Ali, a crypto expert, identifies the most crucial support for Bitcoin. A breach of this crucial support may result in selling pressure, dragging Bitcoin closer to the $60,000 mark.
According to Ali, the important support level for Bitcoin is $66,112, as evidenced by the substantial volume of over 306,676 BTC transactions.
The key support level for #Bitcoin stands at $66,112, marked by a substantial volume of over 306,676 $BTC transactions. Should #BTC break below this pivotal threshold, eyes will turn to $60,600 as the next crucial support zone. pic.twitter.com/etuBRlvIOR
— Ali (@ali_charts) March 7, 2024
He went on to say that if BTC falls below this critical level, the next important support zone will be $60,600.
The 306,676 BTC transaction volume at $66,112 is a solid and bullish indicator for Bitcoin, demonstrating the strength and support for the leading cryptocurrency at this crucial price level.
At the time of writing, BTC was up 1.25% in the previous 24 hours to $67,032. Bulls appear to be attempting to resume the uptrend by pushing the price above $67,000 and eventually past the recently set all-time high of $69,000.
If this is achieved, Bitcoin may begin the second leg of its ascent, reaching $76,000 and eventually $80,000.
Expectations are rising ahead of the much-anticipated halving event in April 2024. Analysts predict that rising scarcity and strong demand from individual and institutional investors will likely drive up Bitcoin's price even further. According to researchers, based on historical trends since the halving, Bitcoin's price might reach $150,000 within the next year.
However, previous performance does not guarantee future returns. That said, the magnitude of Bitcoin's gains before and after the halving event remains unknown.