- Bitcoin price holds strong over the $67,000 price level.
- The asset is attempting to break out of a critical 7-month resistance level.
- A successful breakout on the weekly chart could propel the BTC price exponentially.
The price of Bitcoin (BTC) is holding strong at the $67,000 price level. This is a crucial point for the Bitcoin price chart for the pioneer crypto asset now faces a significant hurdle to cross. Analysts from across the world are closely watching the 7-month resistance barriers as Bitcoin nears its attempt to break out of the threshold.
Bitcoin Attempts Crucial Breakout
In detail, Bitcoin (BTC) is attempting a major breakout move on its price chart. Specifically, the pioneer crypto asset is preparing to break past a crucial 7-month resistance level. This breakout will be determined once the weekly close above the resistance level will be determined.
Furthermore, a breakout of this critical resistance level could prove to be incredibly bullish. Presently, support for the possible breakout only grows stronger as the MACD turns bullish. Expectations for the breakout should be inevitable if Bitcoin price continues to hold over the $67,000 level or goes higher than this.
Successful Breakout Could Yield Explosive Gains
Another indicator pointing towards a bullish outcome for Bitcoin (BTC) is a testing of the pioneer cryptocurrency on a crucial macro level. According to one analyst, as portrayed in the post above, he believes this too should be watched closely as Bitcoin (BTC) approaches its weekly close.
This positive sentiment for a breakout of the resistance level has led to many bullish expectations for the price of Bitcoin as well as for the entire crypto market. Many analysts believe that Bitcoin is about to enter an explosive phase with new ATHs ahead. All in all, if Bitcoin breaks past this 7-month resistance level, then a massive lift-off is all but certain.
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