Bitcoin's relentless march towards the $70,000 mark faces a temporary pause, according to leading analyst Rekt Capital.
The cryptocurrency, having recently hit resistance at $71,500, will need several more weeks to consolidate and gather momentum. Liquidity at key levels of $68,300 and $69,800 suggests a volatile short-term, but the long-term outlook remains bullish.
Keith Alan, co-founder of Material Indicators, emphasizes the importance of Bitcoin flipping $69,000 into support. A weekly close above this level could pave the way for a push to $73,000, but Memorial Day weekend might slow trading activity.
The current consolidation phase isn't unusual. Historical trends show Bitcoin often requires a period of re-accumulation before breaking new highs. As Rekt Capital notes, this phase may extend for weeks, keeping Bitcoin in a range between $60,000 and $70,000.
Investors should brace for potential short-term dips but remain optimistic. With increasing liquidity and strong technical foundations, Bitcoin's ascent past $70,000 seems not a matter of if, but when.
