Traders map out their desired price targets for Bitcoin if the $70,000 level continues to function as a resistance zone. Is there any hope for the bulls?
Bitcoin (BTC) analysts mapped out the key BTC price levels to watch as the market’s focus shifted to the $58,000 to $65,000 zone as the last line of defense.
Bitcoin is currently wedged between the 200-week simple moving average (SMA) at $68,300 and the 200-week exponential moving average (EMA) at $58,400.
Generally, in Bitcoin’s trading history, major BTC bottoms have formed between the 200-week SMA and EMA, according to analyst Jelle. This suggests that Bitcoin is possibly forming a bottom between these trendlines.
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