The possibility of a BTC correction after testing the $68,400 zone is quite likely, and this is due to a number of factors:
Resistance at $68,400. This level is historically significant for Bitcoin, as it has been tested many times. Psychologically and technically, this level may cause profit-taking by major market participants, which will trigger a correction.
Volumes and Volatility: As we saw earlier in the chart, volumes are starting to pick up and if they pick up when $68,400 is reached, it could strengthen the move higher. However, if volumes remain low, it is likely that the asset could pull back to lower support levels.
Indicator:
Volatility indicators such as Bollinger Bands are showing a narrowing that usually heralds a significant move. A break of $68,400 on high volume could lead to a rally to $70,000 and beyond.
The RSI indicator may approach the overbought zone upon testing $68,400, which will add chances for a local correction.
Fundamental factors. If there is a favorable news background in the market at this point (for example, the approval of a Bitcoin ETF or other positive news), then the probability of a move to $70,000 will increase. However, in the absence of such factors, a correction will be more likely.
Possible scenarios:
Correction scenario: After testing $68,400, the asset may return to supports in the $60,000 – $62,000 region if the market encounters resistance.
Breakout Scenario: If the level is broken and volumes continue to rise, BTC could aim for $70,000 and beyond.
Therefore, both options are possible, and the key moment for further movement will be the price reaction to the $68,400 level.
