Bitcoin (BTC) Rejects Price Below $68k

Following a bullish failure to surpass the $73,600 resistance level last week, the BTC price took a re-test of the $68,000 level. The BTC price is now below the 78.60% Fibonacci level and is currently trading at $68,607.

With a doji candle information, the possibility of a Morningstar reversal is shaping up. However, amid the rising uncertainties due to the U.S. presidential election, a potential re-test of the 67.80% Fibonacci level at $66,167 is possible.

While the daily RSI line shows no significant divergence, the 50-day EMA is rising towards the 67.80% Fibonacci level to provide dynamic support. Hence, despite the downside risk, the Bitcoin technical indicators project a high possibility of a bullish post-retest reversal. $BTC