2024-9-23 15:15 |
In just two weeks, Bitcoin recovered well and turned bullish after finding solid ground above $52k in the last leg down. It saw rejection and faces hurdles after posting a notable 10% gain near the $65k level in a week.
Since last week, Bitcoin has moved higher following a strong bounce off the $57,500 level, which came after initiating a three-day pullback from around $60,600 in the preceding week. That bounce brought the price to a high of $64,745 earlier today but it has retraced sharply to $63,500.
This rejection was triggered after failing to break higher, and as we can see, Bitcoin is now looking indecisive as volatility shrinks by the day.
Looking at the mid-term correctional phase, which was captured in a descending broadening wedge, Bitcoin is still considered bearish on the daily chart despite the latest positive move. While turning bullish, a clear break above this wedge could activate the most-anticipated bullish rally.
Currently, the $65,000 level is posing threat at the bulls. A daily close above this key level should produce more gains to the upper boundary of the wedge before deciding on where next to head in the future.
Unfortunately, buying pressure appears weak. If the bulls failed to push above the mentioned key level, BTC price could drop a bit before rising back.
BTC’s Key Levels To Watch Source: TradingviewA break above last month’s $65,065 high could propel buying to the $67,066 level, located at the wedge’s upper boundary. A wedge breakout could bring us back to July’s $70,080 resistance, followed by $72,500.
The $60,625 level is standing as the closest support for drops. Below it lies last week’s support of $57,500. Lower support levels to watch are $55,000 and $52,500 – the current monthly low.
Key Resistance Levels: $65,065, $67,066, $70,080
Key Support Levels: $60,625, $57,500, $55,000
Spot Price: $63,500 Trend: Bullish Volatility: HighDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: designer491/123RF // Image Effects by Colorcinch
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