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Bitcoin ($BTC) and altcoins surged following news of a ceasefire between the US and Iran. However, Bitcoin failed to surpass the $73,000 level for the third time after the ceasefire, and the rally was cut short.
This $73,000 level has been a resistance level for the price in every rise since the start of the conflict with Iran in late February.
According to analysts, while the pullback in $BTC remained modest, Bitcoin posted its strongest weekly performance since the start of the war, with a 7% weekly increase.
At this point, analysts say that the $75,000 level needs to be broken for the market to enter a true bull phase.
Speaking to Coindesk, FxPro analyst Alex Kuptsikevich stated that the $73,000 level is a resistance point for Bitcoin.
According to the analyst, Bitcoin has attempted to break this level three times since the ceasefire was announced. However, each attempt resulted in a rally that faded within hours.
At this point, the analyst stated that for Bitcoin and the broader market, including altcoins, to enter an uptrend, $BTC needs to surpass at least $75,000. Kuptsikevich noted that repeated rejections at $73,000 are a barrier that needs to be overcome before Bitcoin’s rally can proceed.
Similarly, Mike Novogratz argues that for Bitcoin to reach the $80,000 level and continue its rise, it first needs to break above and sustainably hold above $74,000. Novogratz stated, “Breaking above these levels could create a new wave of optimism and restart the uptrend.”
Alex Kuptsikevich also examined Ethereum ($ETH) in addition to Bitcoin. The analyst stated that Ethereum has a similar structure and that the $ETH price also moves within a similar range.
The analyst described Ethereum’s recent movements as market volatility within the consolidation zone between $2,000 and $2,400, stating, “A breakout of $ETH beyond this calm consolidation zone would signal the start of an upward move.”
*This is not investment advice.
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cointelegraph.com