Bitcoin BTC continued to remain calm after rejecting a key resistance line last week. While failed to push back above $70k, it found a new support and bounced off; but there’s not enough volatility to sustain buying pressure.
Following a nice recovery from a low of $57,000 to a high of $71,979 in three weeks, we can say that the bulls have returned from a long-term perspective. However, they are deciding on the next key move while the price remains calm at around $69,000 since last weekend.
That calmness could lead to another reduction to $63,500 if Bitcoin continues to respect the descending trendline that has been serving key resistance line since late March. A drop below this price level would invalidate the recent bullish signal.
But looking at the current market structure, Bitcoin’s bulls are expected to sustain pressure in the next few days, although the $69,600 level has been a tough obstacle for them over the past 72 hours.
Aside from the key $60,000 level, which has been instrumental to the recent price recovery, Bitcoin recently found new support above the $66,400 level and is now acting as a key level for the next rally. We may see a huge break-up soon.
Bitcoin’s Key Levels To Watch
If Bitcoin sees a daily close above the $69,567 resistance, the next key level to watch would be last week’s $71,979 high, followed by $72,500 and $73,777 before breaking to a new high.
Below the new holding support lies the $65,500 and $63,450 levels. If all these levels collapse as a result of a sell-off, the major support to watch for drops would be $60,200.
Key Resistance Levels: $69,567, $71,979, $73,777
Key Support Levels: $65,500, $63,450, $60,200
- Spot Price: $68,678
- Trend: Bullish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: maximusnd/123RF // Image Effects by Colorcinch