Bitcoin’s price action is at a key level as bulls take control of the market. According to an analysis by Captain Faibik, BTC is facing a critical test this week as it approaches the $70k resistance level.
Will Bitcoin break through this key barrier, or will it face rejection? Besides, the analyst took to X, suggesting that bulls are now in control of the market. However, a crucial test lies ahead for the leading crypto this week.
What you'll learn 👉
Bitcoin Price Analysis
The analysis by Captain Faibik reveals a compelling shift in Bitcoin’s trend. BTC had been in a downward channel for a long time, with two concurrent trendlines.
Recent price swings, however, indicate that Bitcoin has effectively broken out of this channel, implying a likely reversal of its previous bearish trend. This breakout indicates that momentum is now favoring the bulls, which is a big bullish indicator.
Captain Faibik notes that the lower boundary of the descending channel previously acted as a key support level, preventing further declines.
On the other hand, the upper boundary of the channel, now tested as resistance, alongside the crucial $70k level, represents the next major hurdle for Bitcoin.
Historically, this $70k mark has proven to be a formidable resistance, and its retest this week will be a critical moment for the market.
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Show more +Indicators and Price Action
Bitcoin’s price action after breakout is particularly noteworthy. The bullish continuation pattern emerging after the breakout indicates that bulls are in control. However, Captain Faibik cautions that the $70k resistance level will be a key test.
If this level is successfully broken above, a rally may ensue possibly pushing Bitcoin to new highs. On the other hand, if this resistance is not broken, there may be a retreat to the $60k–$65k region, which is the next support level.
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Where is BTC Headed Next?
The current market dynamics suggest two possible scenarios for Bitcoin’s future price action. In a bullish scenario, a clean break above $70,000 with sustained volume could trigger a strong rally, targeting new highs.
However, a bearish scenario might unfold if Bitcoin fails to break this resistance, leading to a rejection and a potential decline to lower support zones. The upcoming retest of $70k is a decisive moment that will determine Bitcoin’s next move.
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