After pumping over 5% on Monday and trading above $66k for a while, the Bitcoin price faced rejection there and is now trading in the $65.2-$65.5k range.
Altcoin Sherpa posted a viral Bitcoin chart this morning, sparking discussion among crypto enthusiasts.
The chart, showing 12-hour candles of BTC/USD on the Bitfinex exchange, reveals strong bullish momentum with a clear upward trajectory. Bitcoin’s price is currently consolidating after reaching a high of approximately $66,527.
This $66,527 mark represents a recent resistance level where BTC’s price is testing. It aligns with past price peaks, and the current price action is hovering slightly below it after a strong upward move.
Bitcoin Price: Key Levels to Watch
The next significant resistance is clearly identified around $70,162, just above the psychologically important $70,000 level. This corresponds to an earlier swing high and is likely a major price target for bulls, as mentioned in Altcoin Sherpa’s tweet.
On the support side, a significant zone exists around $62,000. Bitcoin recently bounced off this region, suggesting it’s a strong demand zone. This support aligns with the consolidation phase seen in mid-September.
The overall trend remains bullish as BTC forms higher lows and higher highs. The BTC price seems to have broken out of a consolidation range below $63,000, signaling bullish continuation. Between mid-August and early September, a double-bottom pattern formed around $60,000, indicating a potential reversal from the previous bearish trend.
Read also: Bitcoin ETFs See Massive Inflows, BTC Price Rebounds: Here’s What to Expect Next
Volume spiked during the most recent price rally, showing strong buying pressure. Although volume has slightly diminished in the last few candles, it indicates that buyers are still interested at these levels.
Altcoin Sherpa’s tweet states, “Feeling quite confident 70k is coming next. Don’t think we have that steep of a pullback from here.” This aligns with the chart analysis, where the expectation is that BTC could move towards $70,000 with limited pullbacks.
The trader’s confidence seems grounded in the upward price action and the overall bullish trend.
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