\n<\/p>\n
\n\t\t\t\t\t\t\t\t\tTraders remain cautious about a straight-line recovery, with further volatility still possible around key support levels.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
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.<\/p>\n
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.<\/p>\n
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\u2019s comment. In a post on X, he wrote<\/a> \u201cHold above $67,000 this week, and $74,000 comes fast,\u201d while adding that $60,000 had been \u201ca strong low.\u201d<\/p>\n Before that, the trader had posted, explaining<\/a> why $67,000 and $69,000 matter to his setup. The latter is Bitcoin\u2019s 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.<\/p>\n 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.<\/p>\n Another technical signal that Sykodelic noted was Bitcoin\u2019s 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\u2019s history coincided with the end of a bear market. However, he still wants to see the weekly close before declaring victory.<\/p>\n \u201cAs long as we are above $67,000, we are golden,\u201d he wrote.<\/p>\n<\/blockquote>\n A view that fit Sykodelic\u2019s argument came from trader Nik. While responding to a question from an X user on how to read a chart with \u201cabsolutely no structure,\u201d they said<\/a> 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.<\/p>\n However, neither trader treats the move as a straight path higher, and Nik specifically warned that Bitcoin could see more \u201cfuckery\u201d before reaching higher levels.<\/p>\n Bitcoin\u2019s 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<\/a> within an hour, $1.14 billion of that being shorts.<\/p>\n At the time of writing, BTC was still making huge strides, up more than 11% in 24 hours to put it above $72,000.\u00a0Other 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%.<\/p>\n Nonetheless, it\u2019s still in the red across one year at almost 37% and sits 43% below its all-time high.<\/p>\n The broader market has moved with the OG cryptocurrency, adding<\/a> about $200 billion within 24 hours, as CryptoPotato<\/em> reported. Ethereum briefly jumped past $2,300, and HYPE gained around 25% to $74, with several other large tokens turning green alongside them.<\/p>\n\n
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