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$BTC broke above $70,000 after a fast recovery on August 20, with experienced trader Sykodelic putting $67,000 as the mark that bulls need to defend.
The idea is straightforward: a close above $67,000 for a week may be a sign of bottoming out for <a href="https://xpertsstudio.com/strive-resumes-bitcoin-purchases-via-sata-after-two/” title=”Strive Resumes Bitcoin Purchases via SATA After Two”>Bitcoin, allowing bulls to target $74,000.
Bitcoin Clears Levels That Analysts Have Watched
Bitcoin first reclaimed $69,000 and then started a determined move upward that, at the time of writing, had taken it above $72,000, leading to Sykodelic’s comment. In a post on X, he wrote “Hold above $67,000 this week, and $74,000 comes fast,” while adding that $60,000 had been “a strong low.”
Before that, the trader had posted, explaining why $67,000 and $69,000 matter to his setup. The latter is Bitcoin’s previous 2021 all-time high and the current cost basis for short-term holders. That cost basis represents the average price paid by recent buyers, and Bitcoin holding above it would leave many short-term holders in profit.
The analyst also compared the current move with previous bear markets, with Bitcoin historically needing several attempts to hold this area before a lasting bottom formed. He explained that the current attempt would be the third.
Another technical signal that Sykodelic noted was Bitcoin’s closing of its first daily candle above the 200-day simple moving average since November 2025. He claimed every previous break above that average in the cryptocurrency’s history coincided with the end of a bear market. However, he still wants to see the weekly close before declaring victory.
“As long as we are above $67,000, we are golden,” he wrote.
A view that fit Sykodelic’s argument came from trader Nik. While responding to a question from an X user on how to read a chart with “absolutely no structure,” they said they see no resistance until $74,000, with the next major wall around $80,000 to $83,000, and identified $65,000 to $67,000 as the more important support zone.
Source: cryptonews.net
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