From Investing.com: 2024-05-28 14:00:24

Bitcoin (BTC) has been testing the $72,000 resistance level multiple times recently, sparking speculation about a potential new all-time high (ATH) if the barrier is decisively broken. Analysts and traders are closely watching for a breakout as resistance levels tend to weaken with each test. Glassnode cofounders believe breaching $72,000 could push BTC to $75,000.

The $72,000 resistance level has proven to be a tough hurdle for Bitcoin, with strong selling pressure on each test preventing a sustained move higher. A breakout above this level could trigger a short squeeze and propel BTC to new ATHs. In the short term, BTC price is expected to range between $64,000 and $72,000, offering potential opportunities for altcoins.

At the time of writing, BTC was down 0.60% in the last 24 hours to $68,191 after hitting lows of $67,437. Market volatility is fueled by fears surrounding a recent Mt. Gox-Era Bitcoin shift. Stay tuned as Bitcoin continues to navigate the $72,000 resistance level for potential breakthroughs.

Read more at Investing.com: Bitcoin (BTC) Eyes Big Move to $75,000 If This Plays Out By U.Today