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Bitcoin (BTC) has broken through the psychological resistance level of $70,000, forming strong rebound momentum toward setting a new all-time high.
According to crypto media outlet NewsBTC on March 5 (local time), Bitcoin recently surpassed the $68,500 and $69,200 resistance levels in succession, firmly establishing itself above the $70,000 mark. With optimistic market sentiment returning, the move is seen as laying the groundwork for further gains. Bitcoin is currently testing a new resistance level around $70,500, and if it breaks through this range convincingly, it is expected to accelerate toward $71,200 and $72,500.
Technical indicators are also sending positive signals, reinforcing buying pressure. The Moving Average Convergence Divergence (MACD) is gaining momentum in bullish territory, while the Relative Strength Index (RSI) remains above 50, indicating that buyers are dominating the market. Analysts suggest that if the upward trend continues and the $72,500 resistance level is breached, prices could surge to as high as $75,000 in the short term.
Even if a temporary pullback occurs, $69,200 is expected to serve as the first support level. A key support zone is formed around $68,500, and as long as this level holds, the overall upward trend is unlikely to be broken. If the price falls below $68,500, there is a risk of retreating to $67,200; however, current market supply and demand conditions indicate that upward pressure remains overwhelmingly dominant.
By stabilizing above $70,000, Bitcoin has signaled the beginning of a new rally, with investors closely watching whether it can break through $71,200. The market’s direction over the coming days will likely be determined by how it handles major technical resistance levels, and overall sentiment is leaning toward the possibility of further gains.
*Disclaimer: This article is for investment reference only and we are not responsible for any losses resulting from investment decisions based on this content. The information provided should be interpreted solely for informational purposes.*