Bitcoin Price Rally Above $70K Risks Trapping Bulls, Analyst Warns

Bitcoin has now filled much of that imbalance and rallied into an even stronger resistance cluster near $69,000–$70,000, where its 200-week exponential moving average (200-week EMA, blue) and bull-market support band converge.

Symbiote expects this confluence to cap the recovery and potentially trigger another selloff.

A confirmed rejection below $70,000 could put the $63,000–$64,000 area back in focus, coinciding with the 20- (green) and 50-day (red) EMAs, and the lower trendline of what appears to be Bitcoin’s prevailing bear flag pattern.