Bitcoin’s dominance has not changed much since it lost the $70k level two weeks ago. However, the price is down by 6% weekly following the latest reductions. Its fear and greed index now stands neutrally at 55.

Starting this month on a strong note, Bitcoin encountered resistance and halted buying after almost tapping the $72,000 level.

That drop brought the bears back into the market and the price slipped steadily to $65,078 last week. After recovering slightly from this price level, it faced rejection at $67,000 last weekend and is now on the verge of dropping again 

On the daily timeframe, Bitcoin’s setup looks more like a double-top pattern, although there’s no confirmation yet as it is still trading far above the $56,552 level that provided support during the last correction. 

To validate such a move, the price must dip below the mentioned support – which currently serves as the neckline of the forming double-top. A successful breakdown from there should provide more room for selling from a short-term perspective. 

However, looking at the market structure on a macro level, Bitcoin is still positioned in an upward range. While it is yet to find solid support to resume bullish, its weekly outlook remains strong despite losing steam since last week.

Currently, the bears are $100 away from the $65,500 support. If they surpass it, the $63,450 support would be the next support to watch along with the $60,200 level to test the long ascending trendline. Failure to bounce off may result in a further dip to $56,552 – the main support for a huge crackdown

If Bitcoin bounces back from the current trading support level, it must first reclaim the immediate $67,000 resistance, followed by $68,420 and $70,195. The next major resistance to watch for a breakup is $71,979.

Key Resistance Levels: $67,000, $68,420, $70,195

Key Support Levels: $65,500, $63,450, $60,200

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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