Bitcoin BTC has been undergoing a retracement for two weeks but it is now showing signs of strength following a slight surge in the past 12 hours. It found support and appeared to be resuming a bullish rally on the day.
The past month marked a significant recovery phase for Bitcoin following an unexpected move from a low of $57k to $72k. Due to a rejection, the crypto halted buying and lost steam in the mid-month.
The rejection led to a sell and the leading cryptocurrency spent the rest of that month in a retracement mode. That provided a sizeable discount for the bulls and the price settled well above the $66,500 level.
Starting this month a bit calmly weak, it is now looking strong due to the latest surge in volatility. It tapped $69,333 earlier today but the price is now rejected after facing a descending resistance line on the 4-hour graph.
Even if Bitcoin manages to scale through this resistance line, it must overcome the orange resistance line on the daily chart, which remains crucial for its next major move from a long-term perspective.
A lot of bears are trapped at $66k. A dip below this price level could invalidate and suspend this bullish signal until BTC finds another threshold. The next few days would determine whether this surge is capable of activating the most-anticipated bull run or not.
Bitcoin’s Key Levels To Watch
Bitcoin has retraced briefly from the current daily high of $69,333. A daily close above $70,000 should bring us to $71,979 and $73,777 before breaking higher.
The $66,670 and $65,500 levels are currently providing support on the daily chart. If they fail to hold as monthly lows, $63,450 would be the next support to watch for a leg down.
Key Resistance Levels: $69,567, $71,979, $73,777.
Key Support Levels: $66, 670, $65,500, $63,450.
- Spot Price: $69,090
- Trend: Bullish
- Volatility: Moderate
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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