Hi everyone, this is SuperTommi.
Bitcoin is currently hovering around the significant resistance level of $71,000 USD (approximately $118,200 NZD). After a period of relative calm, the market is at a crossroads. In this guide, I’ll analyze whether the current momentum has enough steam to break through or if we’re looking at a short-term consolidation phase.
1. The $71,000 Psychological Barrier
The $71k mark is more than just a number; it represents a major psychological and technical resistance zone. In previous cycles, breaking this level often led to a rapid price discovery phase. However, as we see today, the ‘sell wall’ at this level is quite thick. Large institutional players are likely taking some profits, leading to the sideways movement we’ve observed.
2. Momentum Indicators: RSI and MACD
Looking at our internal tracking metrics, the RSI has cooled down slightly from overbought levels, which is actually a healthy sign for a sustained climb. The 15-minute MACD is showing some indecision, but the broader daily trend remains bullish. This suggests that the current dip is a ‘breather’ rather than a trend reversal.
3. The Macro Factor
With the US markets recently closed for ‘President’s Day,’ global liquidity has been slightly lower. As the US markets reopen, we expect a surge in volume. Whether this volume pushes BTC over $71k or back toward the $68k support depends heavily on the upcoming economic data releases.
Conclusion
The momentum hasn’t faded; it’s maturing. For long-term holders, this consolidation is a normal part of the bull cycle. For scalpers, however, caution is advised until a clear breakout above $71k is confirmed with strong volume.
Stay disciplined and always stick to your principles. Thanks for following the guide!
SuperTommi.