Bitcoin Gains Momentum — Can It Hold Above $70,000?

Apr 6

So far, Bitcoin(BTCUSDT), as we begin the new week, has managed to increase in price by over +5%, breathing hope into crypto traders’ sentiment. One of the reasons for this rise is the potential agreement between Iran and the U.S. in the coming days, which could signal the end of conflict and revive global economic flows, making people turn toward risk assets like Bitcoin. (Given Trump's threat by tomorrow, tomorrow could also be an important day for financial markets.)

Additionally, the S&P 500 index(SPX500) conditions suggest a likely upward trend, and given Bitcoin’s correlation with the S&P 500, we may see Bitcoin continuing its upward momentum.

At the moment, Bitcoin is moving near a resistance zone ($70,740-$69,300) and close to a Cumulative Short Liquidation Leverage($71,000-$70,000).

From the perspective of Elliott Wave theory, it seems Bitcoin is completing its main wave 3, and we can anticipate that after the main wave 4, Bitcoin may resume its upward movement.

I expect that Bitcoin, after nearing the Cumulative Long Liquidation Leverage ($68,610-$68,300) and the 50_SMA (Daily), could start increasing again and, if momentum is strong, might rise beyond $70,000.

First Target: Cumulative Short Liquidation Leverage($71,000-$70,000)

Second Target: Cumulative Short Liquidation Leverage($73,420-$72,000)

Stop Loss(SL): $67,540(Worst)

Points may shift as the market evolves

Cumulative Long Liquidation Leverage: $66,420-$65,340

New CME Gap: $67,570-$67,170

Note: Any news or escalation of the Middle East conflict can cause a sudden shift in Bitcoin’s trend, so, once again, manage your capital carefully in your trades.

Do you think Bitcoin could stabilize above $70,000, or should we expect another price correction?

💡 Please respect each other's opinions and express agreement or disagreement politely.

📌Bitcoin Analysis (BTCUSDT), 1-hour time frame.

🛑 Always set a Stop Loss(SL) for every position you open.

✅ This is just my idea; I’d love to see your thoughts too!

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Apr 7

Trade active

Trade was activated

Apr 7

Note

Still Valid

Apr 8

Trade closed: target reached

Full Target Done