Last week, Bitcoin reached a turning point after breaking significantly above its all-time high (ATH). After hitting a new high, it quickly lost steam and declined heavily. It still holds 30% gains in the past month.
Following a notable bounce from the $38k level in January, Bitcoin increased well and closed bullishly above the $60k level last month.
That led to stronger price actions at the start of this month and the leading coin advanced bullish by 15% to reclaim $69k – the previous ATH – in the first week. It was followed by a sharp rejection and the price dumped to a monthly low of $59k in a single day.
Bitcoin later climbed back and pushed steadily with a successful break above the previous high during last week’s surge. It printed a new ATH at around $73.7k and failed to sustain momentum daily.
It initiated drops in the middle of the surge and lost roughly nine thousand grands in just four days. While the $65k level has been held as temporal support in the last 24 hours, the price has slightly recovered.
If Bitcoin loses this temporal support in the future, we can expect bigger drops towards the $55k level. For the bulls to step back in action, they must retake the new high with a clear break-up. Regardless of the above, the price is still up 150% yearly.
Bitcoin’s Key Levels To Watch
The $69,000 level has been posing a threat to the bulls since yesterday. If the price increases above it, the next area of interest would be $71,000, followed by the current ATH of $73,777. A breakthrough will likely trigger more gains.
Currently, BTC is sitting on daily support of $67,000, followed by last week’s low of $64,533. Losing the $64,000 level could facilitate bigger drops to $60,365 and $58,000 – tested as the current monthly low two weeks back.
Key Resistance Levels: $69,000, $71,000, $73,777
Key Support Levels: $67,000, $64,533, $60,365
- Spot Price: $68,190
- 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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