Bitcoin shows signs of slipping momentum, as it struggles against the odds to gain higher ground. This puts the market in a pivotal position. This $66,000 support level could be the key to the next big move. If bulls can hold above this level, they may be able to ignite a recoveryWhile a break-through below the horizon could lead to an even deeper fall, a definitive break above it can be the catalyst for this.
Bitcoin struggles below blue box resistance as buyers stay quiet
Bitcoin The market continues to trade under the blue box, signaling a lack of bullish momentum. According to Crypto analyst Kamile Uray says that buyers did not step up at the $69407 level which was being closely monitored in the four-hour time frame. The price has been pushed lower by selling pressure, but the rate of decline in the region is starting to slow.
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Uray stated that as Bitcoin continues to remain above $66,187 the option of another attack on the blue-box resistance is still open. A decisive breakout If you can get above $69407 with powerful high-volume candlesticks then it could lead to a larger uptrend.
According to the equal-waves principle, a breakout could drive Bitcoin up towards $100,000. In the context of wave structure, a daily close over $98,200 could also mark a high point in relation to the most recent daily chart. This would increase the likelihood of a long-term uptrend.
However, caution may be required if the price approaches the $107,000–$109,000 region, as a bearish Within that zone, a libra formation may develop. The pattern can be triggered if the closing price is below the peak.
On the 4-hour chart, however, $66,187 remains an important support. A close above this level would maintain bullish expectation, but a closing below could result in a return to $62,433. If further declines occur and the resistance levels limit upward attempts, then the next main support targets will be $62,433, $57,230 and $48,256.
BTC loses support of $70,000 as bearish momentum builds
Crypto Candy Crypto Analyst noted Bitcoin’s position was not able to remain above $70,000 and it eventually fell below that level. It was highlighted previously that holding above this zone is crucial to maintaining bullish momentum. If the sellers fail to defend $70,000, it suggests they have taken control. market.
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According to the analyst, bearish forces may persist unless Bitcoin is able regain and surpass $74,000. While the price stays below the $74,000 threshold, momentum is in favor of the downside. The potential movement could be towards the $61,000 level or even lower.
Featured Image from Getty Images. Chart by Tradingview.com
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Source: www.newsbtc.com
