Since last week, Bitcoin’s price has increased notably following a sharp rise to $65k. It has paused buying and now looks calm with choppy price actions. A surge above the $70k level should confirm a bullish breakout.
Bitcoin started this month rough following a massive breakdown from $63k to $49k in the first week. A rejection came and the price bounced back to the $62.7k range in the second week. The price fell after failing to push above this range but managed to hold above the $56k level.
The price picked up slowly again and later surged to the monthly $65k high last week. This monthly high suppressed further buying and the price remained calm at around $64k since last weekend.
This calm indicates a lack of interest from the buyers, although the price is still looking strong on a weekly chart. If they show up again with a strong interest, Bitcoin may produce bigger gains in the coming days.
But with the look of things, it appeared set for a pullback on the day. It is slowly losing grip above the $64k level following a 1% drop in the past hours. Still, Bitcoin’s daily outlook remains bullish as the fear and greed index now stands at 56.
BTC’s Key Levels To Watch
Source: Tradingview
If Bitcoin pushes above the $65,000 resistance, the next area of interest for buying would be $67,000 and potentially $69,000, located at the wedge’s upper boundary. A surge above the $70,080 resistance should validate a break out of the broadening wedge.
For a pullback, there’s a close support at $62,745. Below it lies $59,704. Failure to bounce back may result in a further drop to $56,552.
Key Resistance Levels: $65,000, $67,000, $70,080
Key Support Levels: $62,745, $59,704, $56,552
- Spot Price: $63,900
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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