Following the recent shakeout in the global market, Bitcoin BTC lost a key psychological level and closed at a loss last week. It is still weak on the day, looking for solid ground to resume its bullish trajectory.
Last Friday came with a big shockwave in the entire crypto market following an unexpected sell-off in Bitcoin’s price. This shook out a lot of weak hands as most altcoins dipped to a month low.
The sell-off was initiated after failing to advance above the crucial $72,000 level that has been suppressing buying over the past month. After testing a low of $68,420, it bounced sharply and closed that week under the psychological $70k level.
Currently, Bitcoin is weak and yet to find solid ground for a rebound, although the recent low is providing support on the daily graph. A dip below this low could trigger a huge loss if it fails to contain selling.
Now that the sell-off has lured the bears back into the market, Bitcoin may follow a negative sentiment for a while before bouncing back. $66,000 is a key level to watch for a short-term breakdown.
Regardless of the above, Bitcoin’s bullish trajectory remains valid from a long-term perspective. A resurge above the monthly high should bring the bulls back in control. As of now, the bears are in charge.
Bitcoin’s Key Levels To Watch
Source: Tradingview
While Bitcoin’s daily outlook appeared weak, it may retake last week’s low before breaking down to the $66,670 and $65,500 support levels. Other supports to keep in mind are $63,450 and $60,200.
Aside from the fading bullish sentiment, BTC is not showing any sign of strength at the moment. Even though it manages to rebound, it must reclaim $70,000, $71,979, and $73,777 to confirm bullish continuation.
Key Resistance Levels: $70,000, $71,979, $73,777
Key Support Levels: $68,420, $66,670, $65,500
- Spot Price: $69,444
- Trend: Bearish
- Volatility: Low
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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