The analyst identified several key resistance levels that Bitcoin must overcome to confirm a bullish reversal. The first is around $63,000, where a high volume of trading has taken place, creating a strong resistance zone. Additionally, there is resistance between $67,000 and $68,300.
On the shorter-term four-hour chart, the analyst drew parallels between the current price action and the market bottom during the COVID-19 crash in March 2020. This comparison suggests that the market might be setting up for a similar recovery.
Lastly, the analyst reviewed the Bitcoin liquidation heatmap, noting significant liquidity around the $70,000 level. However, before reaching this target, Bitcoin must overcome the aforementioned resistance levels.
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