Well-known trader Cred, creator of the Technical Roundup channel, shared on X his updated view on Bitcoin’s price today, outlining what he sees as the defining level for $BTC in the current market structure. According to him, $71,000 now stands as the most important threshold, effectively framing the next major directional move.
Bitcoin makes it to $70,000, but no rally yet
As he describes it, this is the most relevant level on the monthly and weekly time frames. In his usual sarcastic manner, Cred writes that if Bitcoin moves up from here, he will pretend he was in a long. And if it meets rejection, he will lie and say he had a short open the whole time.
Jokes aside, the message is clear. For Bitcoin, this level acts as a line in the sand, dividing continued downside pressure from a breakout attempt and a shift into a local bullish phase.
As for Bitcoin itself, yesterday’s gain of more than 4.5% did not turn into a full-fledged rally, and at the $70,096 mark, $BTC met selling pressure. Today, it is already trading below $67,000.
What is important, however, is that the move to the $70,000s marked the first time in two weeks, since Feb. 16, that $BTC traded in that area. As we can see, it was immediately met with a sell-off.
Now, trading at $67,000, the price action on the $BTC chart looks like a bearish retest before a further move lower. Until the level outlined by the analyst is broken, talking about any kind of rally like yesterday’s is premature.