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
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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