Bitcoin has reached local highs below $69,000 after weeks of steady bullish price action, igniting excitement and caution across the market. Investors are bracing for potential volatility, as this critical price zone has triggered sharp rejections five times in the past few months. 

While optimism is high for a surge beyond $70,000, uncertainty remains as traders watch for signs of a breakout or another pullback.

Key data from CryptoQuant reveals that liquidation levels on major exchanges are rising, signaling that a decisive move could be imminent. This increase in liquidations suggests that traders are positioning themselves for big swings in the coming week, either anticipating a continuation of Bitcoin’s uptrend or bracing for a rejection from this significant resistance level.

As Bitcoin approaches this crucial threshold, the next few days could determine whether it will break new ground or face another retrace. The entire market is on edge, waiting to see if Bitcoin will finally push past this resistance and enter uncharted territory.

Bitcoin Price Swings Intensify

The crypto market is at a pivotal moment, with Bitcoin and many altcoins pushing toward local highs, reversing the negative price action of recent months. Optimism is building among analysts and investors, who see Bitcoin’s rally as a sign of renewed strength across the market. 

However, there are growing concerns that the path to new highs may not be a smooth upward climb. Instead, we may witness a series of ups and downs as the market navigates key resistance levels.

Key data from CryptoQuant, shared by Axel Adler on X, highlights the increasing potential for volatility. Adler’s analysis reveals a sharp rise in futures liquidations across major exchanges such as Binance, ByBit, and OKX. 

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Author: Sebastian Villafuerte