Prominent on-chain analyst James Check has stated that the $70,000-$75,000 range is critical for Bitcoin bulls.
Making sure that Bitcoin does not drop below the $70,000 level is crucial for the bulls. If the cryptocurrency drops to $65,000, your average Bitcoin holder will become “sensitive,” according to Check.
The flagship cryptocurrency has just reclaimed the $75,000 level, according to CoinGecko data.
Things can change fast
At the same time, he cannot definitely say whether or not the cryptocurrency is already in a bear market since macro stories are dominating the headlines.
“I would recommend people just put aside the notion of bulls, bears, and cycles for…Things can change on a dime,” he said.
Bitcoin has been significantly influenced by the most recent developments surrounding the ongoing tariff disputes due to its correlation with the S&P 500.
Bitcoin is different now
The analyst has noted that Bitcoin has been trading differently since 2023. Check has described the period lasting up to 2017 as the “adoption cycle.”
The 2018-2022 period was the cycle of maturation and development. “Derivatives come onboard, stablecoins come alive. The market changes,” he noted.
In 2023, the leading cryptocurrency kicked off its “institutional” cycle. “We have a different type of marginal buyer now,” he said.
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