After experiencing a little setback due to a drop from around $69,500, Bitcoin ended last week’s trading a bit strong as it formed a new bullish pattern. The price is up 1% today following the latest recovery.
From a technical standpoint, Bitcoin’s landscape has changed to the upside in the short term following a major recovery from the key $49k level in August.
But the positive sentiments surrounding the crypto appeared to have faded lately after failing to push above the vital $70,000 benchmark during the last leg up; although higher resistance levels lie ahead before the price goes parabolic.
Failing to push higher, it initiated a drop and pulled to a low of $65,260 to retest a broken resistance as support last Friday – looking much like a retracement. But after multiple rejections there, the price bounced back sharply and closed above $67,000 during last week’s trading.
That sharp bounce brought a new bullish (double-bottom) formation on the 4-hour timeframe, but whether it will play out or not is yet unknown.
While the next move is still unpredictable at the moment, Bitcoin is most likely to catch traders and investors unaware as it consolidates under the $68,000 level over the past few days.
BTC’s Key Levels To Watch
If the bullish signal on the 4-hour timeframe plays out, Bitcoin should advance bullish any time soon. Surging through the previous $69,500 resistance to the aforementioned $70,000 level could trigger a huge rally to the $72,000 and $73,777 resistance levels before breaking higher.
Losing momentum could trigger a rollback to last week’s $66,260 low, and breaking lower may bring more retracement to the $63,600 support and potentially $61,321.
Key Resistance Levels: $70,000, $72,000, $73,777
Key Support Levels: $66,260, $63,600, $61,321
- Spot Price: $67,930
- 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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