Bitcoin (BTC) Breaches $68.5K Resistance Level, Looks Bullish, Experts Predict $85K Target

The overall cryptocurrency market sentiment appeared bullish on 27th July, and the world's biggest digital asset Bitcoin [BTC] has breached its strong resistance level of $68,500.

Bitcoin [BTC] showed signs of bullishness on 27th July, as the world’s biggest digital asset finally breached a crucial resistance level.

Following this breakout, BTC’s open interest (OI) rose by 5.5%, according to data provided by an on-chain analytic firm CoinGlass.

Moreover, BTC was trading near the $69,320 mark at press time and experienced a price surge of over 2.45% in the last 24 hours, according to CoinMarketCap data.

This breakout also liquidated a total of $7.36 million in BTC short positions in just one hour.

However, the total liquidation in the last 24 hours increased to $27.82 million, with $22.04 million in liquidations coming from short positions and $5.78 million from long positions.

CoinGlass data also showed that a majority of the liquidations came from short positions, which could indicate that short sellers are now being squeezed out of the market.

This data also highlighted the bullish sentiment among traders, who are betting on further price increases.

Bitcoin technical analysis and key levels

A technical expert’s analysis showed BTC looking bullish on a daily time frame and may hit the $72,000 mark, which is the next hurdle or upcoming resistance.

Considering the present market sentiment and bullishness in the crypto market, BTC can easily attempt to breach this resistance level.

Despite this bullishness, BTC has tried five times since March 2024 to breach the $72,000 mark but failed each time, according to the price action and historical data.

If this time, BTC breaches this level and gives a daily candle closing above the $72,000 mark then we may see a bullish momentum till $74,000 or even more.

Bitcoin price prediction by experts

On the other hand, experts and investors are also looking more bullish on BTC.

On 26th July, a long-term crypto investor made a post on X (previously Twitter) that BTC’s first target is $85,000 level.

He also shared a bullish descending broadening wedge price action pattern.

Moreover, adding to the above prediction, on 27th July, MicroStrategy’s founder and chairman Michael Saylor also made a post on X and shared Bitcoin’s 21-year price prediction.

According to Saylor, by 2045 BTC could hit $13 million as a base price, with bears predicting BTC at $3 million and bulls predicting BTC at $49 million.

These predictions by industry experts are gaining massive attention from the crypto community and attracting new investors to the market.

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