Traders expect the bitcoin exchange rate to rise to $71,500

Cryptocurrency traders expect the upward trend in the Bitcoin market to continue and forecast an increase in the coin's value to $71,500.

"When the Bitcoin price surpasses $65,000, a new trading cluster will form, within which the asset's value will fluctuate. Breaking the barrier of $65,000 signifies that the price will range between $65,000 and $71,500," wrote a trader known by the pseudonym Rekt Capital.
Clusters on the chart

On the chart published by Rekt Capital, it is evident that around $71,500 there is a strong resistance barrier that bulls have never managed to break above. Based on this, the trader believes that buyers will not be able to overcome this barrier decisively, and the price of Bitcoin will begin to decline after reaching $71,500.

Another trader, Mags, agrees with Rekt Capital's perspective. He predicts that the Bitcoin price will exceed $70,000, explaining his forecast by noting that the cryptocurrency has crossed the 200-day moving average. If a situation similar to last year's autumn occurs again, a bull rally will commence in the BTC market, leading to a 164% increase in the coin's value.



The change in Bitcoin's price (purple line) and the 200-day moving average (black line).

If cryptocurrency traders are correct and Bitcoin appreciate to $71,500, then traders who have bet on a decrease in BTC price will suffer significant losses. This is because in the event of the coin's price rising to $71,500, short positions totaling $1.47 billion will be liquidated.