- Bitcoin BTC surged 16% and broke above key six month resistance
- Whales accumulated 10000 BTC near the 100 day SMA level
- $75000 support is critical to sustain the current breakout move
Bitcoin (BTC) is gaining momentum after breaking a key six-month resistance level, rising over 16% in two weeks. With whales accumulating heavily and the price nearing $79,000, traders are watching closely. The breakout has shifted market sentiment, but holding above $75,000 remains critical to sustain further upside in the short term.Â
Bitcoin BTC Breaks Key Resistance After Strong Price Surge
Bitcoin (BTC) has gained over 16% in two weeks, pushing above a major resistance level. This level had defined price action for the past six months. At press time, Bitcoin trades near $77,476, up 2.78% in 24 hours. The breakout follows a move beyond the $64,000 to $75,000 range.
According to Ali Charts, Bitcoin is now moving through the 100-day simple moving average. This level acted as resistance in October and January. Both earlier tests led to corrections of 30% and 39%. The current move suggests a different outcome may be forming.
Bitcoin is also approaching the 127.2% Fibonacci extension near $79,078. Traders are watching this level for signs of continuation or rejection. A strong move above it could confirm further upside momentum in the short term.
Bitcoin BTC Faces Key Support Risks and Liquidation Zones
Whale activity has increased during this breakout phase. Data shows that over 10,000 BTC, worth around $750 million, were accumulated near the 100-day SMA. This buying activity suggests confidence among large holders.
At the same time, futures market data shows traders are leaning heavily long on Bitcoin. This has created liquidation clusters at $70,000, $65,000, and $57,000. These levels could act as downside targets if momentum weakens.
A failure to hold above $75,000 may invalidate the breakout. In that case, Bitcoin could retest the $70,000 to $71,825 support zone. Market participants are closely watching price behavior around this level.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
