Bitcoin Bulls Defend Key Support Level Amid 61% Rally Target
Bitcoin has maintained its key support level as bulls target a potential 61% rally toward $117,000. The world's largest cryptocurrency by market capitalization has climbed nearly 30% over the past week, with traders watching whether the $80,559 level can hold as support.
Analyst Javon Marks believes that Bitcoin's ability to remain above the $67,559 area is significant for its next major move. He notes that this level was previously a resistance zone but has shifted into potential support, creating the possibility of a renewed advance if buyers continue defending it.
Marks has identified $116,652 as the next major technical target, which would represent an increase of more than 61% from the current price. This move would put Bitcoin back near a major long-term resistance zone.