Bitcoin ‘Sandwiched’ Between Two Key Zones As Price Tops $71,000 – Major Move Ahead?

Bitcoin has recovered to $71,000 but faces resistance at former all-time highs from 2021 ($69,000) and 2024 ($71,300), according to analyst Rekt Capital. The cryptocurrency is trading between key support at the 50-month MA ($64,000-$65,000) and overhead resistance, with analysts warning the current bounce may be short-lived as the bear market continues.

• →Bitcoin is testing resistance at former ATH levels of $69,000 (2021) and $71,300 (2024) after surging 7.5% from Sunday lows.
• →BTC needs a monthly close above $69,000 by end of March to reclaim the 2021 ATH as support.
• →The cryptocurrency is finding support at the 50-month Moving Average around $64,000-$65,000, but this level historically fails in bear markets.
• →Analysts suggest Bitcoin is only halfway through its current bear market, which has lasted about 150 days compared to the shortest cycle of 365 days.
• →The current price action resembles 2022's cycle with potential for a bull trap before further downside continuation.