BTC broke above $70,000 after a fast recovery on August 20, with experienced trader Sykodelic putting $67,000 as the mark that bulls need to defend.
The idea is straightforward: a close above $67,000 for a week may be a sign of bottoming out for Bitcoin, allowing bulls to target $74,000.
Bitcoin Clears Levels That Analysts Have Watched
Bitcoin first reclaimed $69,000 and then started a determined move upward that, at the time of writing, had taken it above $72,000, leading to Sykodelic’s comment. In a post on X, he wrote “Hold above $67,000 this week, and $74,000 comes fast,” while adding that $60,000 had been “a strong low.”
Before that, the trader had posted, explaining why $67,000 and $69,000 matter to his setup. The latter is Bitcoin’s previous 2021 all-time high and the current cost basis for short-term holders. That cost basis represents the average price paid by recent buyers, and Bitcoin holding above it would leave many short-term holders in profit.
The analyst also compared the current move with previous bear markets, with Bitcoin historically needing several attempts to hold this area before a lasting bottom formed. He explained that the current attempt would be the third.
Another technical signal that Sykodelic noted was Bitcoin’s closing of its first daily candle above the 200-day simple moving average since November 2025. He claimed every previous break above that average in the cryptocurrency’s history coincided with the end of a bear market. However, he still wants to see the weekly close before declaring victory.
“As long as we are above $67,000, we are golden,” he wrote.
A view that fit Sykodelic’s argument came from trader Nik. While responding to a question from an X user on how to read a chart with “absolutely no structure,” they said they see no resistance until $74,000, with the next major wall around $80,000 to $83,000, and identified $65,000 to $67,000 as the more important support zone.
However, neither trader treats the move as a straight path higher, and Nik specifically warned that Bitcoin could see more “fuckery” before reaching higher levels.
Bitcoin’s run to $70,000 also came with heavy forced selling, described as its largest short-liquidation candle on record, with more than $1.2 billion in leveraged positions liquidated within an hour, $1.14 billion of that being shorts.
Crypto Market Grows By More Than $200 Billion
At the time of writing, BTC was still making huge strides, up more than 11% in 24 hours to put it above $72,000. Other timeframes were also similarly green, with the asset gaining over 12% in seven days and more than 10% in two weeks, while its one-month jump was 8%.
Nonetheless, it’s still in the red across one year at almost 37% and sits 43% below its all-time high.
The broader market has moved with the OG cryptocurrency, adding about $200 billion within 24 hours, as CryptoPotato reported. Ethereum briefly jumped past $2,300, and HYPE gained around 25% to $74, with several other large tokens turning green alongside them.
The post Bitcoin Eyes $74K After Rally as Analyst Flags $67K Support appeared first on CryptoPotato.
Source: https://cryptopotato.com/bitcoin-eyes-74k-after-rally-as-analyst-flags-67k-support/
