Bitcoin recently found support and is slowly climbing back after providing a 15% discount last week. Currently, buying volume appears insufficient to bring the bulls back on track as they face key resistance.
In the mid-month, Bitcoin encountered resistance and had a stopover at around $73.7k after almost doubling its price in two months. It initiated drops and corrected lower for a week.
After testing a low of $60.7k last week, it found support and increased nicely with a bullish engulfing candle last Wednesday. Trading volatility dropped the following day and the price pulled back before regaining strength last weekend.
Meanwhile, the key $67k level has been a strong barrier for Bitcoin over the past week. Following an overnight increase, it slightly flipped this key level and rolled back to where it’s priced at $66.8k at press time.
A successful increase above this resistance could facilitate a new leg up for the leading cryptocurrency. Failure to advance higher could lieur the bears back, leading to another loss in the market.
But from the look of things, Bitcoin is unlikely to provide a big discount anytime soon. And if it does by initiating another leg down before the upcoming Halving, we can expect a quick buyback above the $53k level.
Bitcoin’s Key Levels To Watch
If Bitcoin advances higher in the next few days, it may encounter resistance at $69,000. There’s also resistance at $71,000, followed by the $73,777 level – marked as the current all-time high.
Initiating another drop, the closest support level lies at $64,000. After that, the next support to keep in mind is the $60,775 level that produced a rebound last week. A crackdown from there could provide a bigger discount to $56,000 and at the same time bring a broader retracement to the nine-month support trendline that broke as resistance during last month’s rally.
Key Resistance Levels: $69,000, $71,000, $73,777
Key Support Levels: $64,000, $60,775, $56,000
- Spot Price: $68,800
- 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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