Bitcoin's Bull Run Hinges on One Last Level: Trader Killa Weighs In
After a long period of calm, the cryptocurrency market has experienced a strong upward movement. Bitcoin ($BTC) briefly rose above $69,000, gaining approximately 5.7% in the last 24 hours, while Ethereum (ETH) climbed above $2,100, rising nearly 8.8%. The total value of the cryptocurrency market also increased by 4.7%, reaching approximately $2.4 trillion.
Renowned trader Killa believes that Bitcoin's long-term target is still above $150,000. However, he points out that investors might miss the next rally while waiting for the 'perfect bottom'. According to Killa, if $BTC surpasses its 200-day moving average of around $69,500 and remains above it, it could be a significant confirmation that the market has entered a bull market again.
Killa's critical level for Bitcoin is indeed around $69,500. The fact that Bitcoin encountered resistance precisely in this region after rising to around $69,500 in the recent upward movement has increased the importance of this technical level.