Coinspeaker
Institutional Demand and Technicals Remain Bullish for Bitcoin Despite Strong Price Resistance

The cryptocurrency market has been a battleground of bulls and bears. Bitcoin (BTC) has faced a series of short-term volatility events, forming various highs and lows as it struggles to reclaim its previous all-time high.

Bitcoin’s price broke above $70,000 again two days ago, prompting many analysts to jump into predictions. The prevailing one being that the coin was going to break into an all-time high (ATH) in no time. Since then, BTC has been consolidating, trading sideways within the range of $69,000 to $71,000 and closing at $70,000 and around $69,400 on Tuesday and Wednesday, respectively.

Ali Charts, a prominent onchain analyst, shed light on the coin’s price struggle to regain its new all-time high and explained that there are crucial resistance levels at $70,180 and $70,600. These price points are levels where there are a lot of selling orders from BTC bears. According to his on-chain analytics, 292,000 and 397,000 addresses are creating strong resistance at those prices, respectively. He continued by saying that if the bulls can successfully break above those resistances, there is a significant barrier again on their way to...