The market is at an important inflection point as Bitcoin struggles to regain its highs and shows signs of losing momentum. The $66,000 level has emerged as a key support zone that could determine the next big move. A breakout above that could give the bulls a chance to trigger a rebound. recoveryon the other hand, a decisive break below this could open the door to further decline.
Bitcoin struggles below blue box resistance as buyers remain silent
Bitcoin remains below the blue box resistance level, indicating that the market has not regained strong bullish momentum yet. According to According to crypto analyst Camille Ouray, buyers failed to break into the closely watched $69,407 level on the four-hour time frame. Prices have fallen due to selling pressure, but the pace of decline is now starting to slow in the region.
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Ouray explained that as long as Bitcoin remains above the $66,187 level, another attempt at the blue box resistance remains possible. decisive happen A break above the $69,407 resistance level could open the door for even bigger upside, especially on a strong high-volume candlestick.
Based on the equal waves principle, such a breakout scenario could push Bitcoin towards the $100,000 mark. A daily close above $98,200 establishes a new high considering the latest wave structure on the daily chart, increasing the chances of the uptrend continuing.
However, you may want to be careful if the price approaches the $107,000 to $109,000 area. bearish A Libra formation may develop within that zone. Failure to close above the previous peak can activate the pattern and trigger a new decline.
Meanwhile, the $66,187 level remains an important support to watch on the 4-hour chart. A break above this level would maintain bullish expectations, but a close below could lead to a retest of $62,433. If the decline deepens further and resistance levels continue to limit upside attempts, the next major support targets are $62,433, $55,230, and $47,256.
BTC loses $70,000 support as bearish momentum strengthens
Cryptocurrency Analyst Crypto Candy noticed Bitcoin was unable to maintain its position above the $70,000 level and ultimately closed below the $70,000 level. Holding above this zone was previously highlighted as critical to sustaining the bull market. momentum. The failure to defend the $70,000 mark suggests that sellers have regained control of the market. market.
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The analyst further explained that bearish pressure is likely to continue unless Bitcoin manages to recover and break above the $74,000 level. As long as the price stays below that threshold, momentum favors the downside and could head towards the $61,000 area or even lower levels.
Featured image from Getty Images, chart from Tradingview.com
