Bitcoin nears $69,000 resistance as moving averages show strong support, hinting at a breakout or pullback scenario.
The 50- and 100-day moving averages strengthen Bitcoin’s bullish outlook, holding key support for buyers amid resistance pressures.
A decisive move above $69,000 could trigger a rally, while a drop below key support may lead to a possible pullback toward $63,000.
Bitcoin is getting closer to a crucial decision point as it keeps consolidating against the USDT in an ascending triangle pattern. A breakout or breakdown appears likely as it runs across opposition in the horizontal supply zone between $68,000 and $69,000.
The 50-day and 100-day moving averages (MAs) offer strong support below the current prices, demonstrating the tenacity of buyers. A decisive move above this resistance zone may attract additional bullish momentum, potentially sparking a robust rally.
https://twitter.com/TradeWithJesse/status/1850793007550955743 Strong Support from Key Moving Averages
In addition to the ascending triangular pattern, moving averages support Bitcoin's bullish momentum whereby a positive medium-term outlook is shown by the 50-day MA (green) being above the 100-day (red) and 200-day (purple) MAs.
Prices consistently holding above these moving averages underscores a positive trend, with buyers maintaining control. Consequently, the 50-day and 100-day MAs offer reliable support levels, helping Bitcoin sustain its current trajectory amid resistance pressures.
Potential Breakout or Pullback in Sight
Market data reveals BTC is consolidating within a tightening range, hinting at a potential breakout scenario. A successful breakout above the $69,000 resistance level could propel Bitcoin to fresh highs, drawing in increased buyer activity. However, a failed attempt at breaching this level may lead to a pullback, with the ascending trendline serving as the first support point.
Significantly, if BTC declines below this trendline, it may test the next support zone around $63,000, where the 100-day MA intersects. Additionally, the 200-day MA at approximately $62,100 acts as a secondary safety net if the price declines further.
Outlook: Key Levels to Watch
The current BTC structure reflects a strong uptrend, yet it faces an imminent test at the $69,000 resistance zone. With clear support from the trendline and moving averages, BTC’s trajectory leans bullish if it breaks above the resistance. However, a decline below the ascending triangle’s support line could signal a trend reversal, cautioning traders of potential declines.
The post BTC Consolidates in Ascending Triangle, A Major Breakout or Pullback Looms appeared first on Crypto News Land.
