Bitcoin (BTC/USDT) Technical Analysis
Key Observations:
Support and Resistance Zones:
Support: Around $58,000 - $59,000, marked by the lower purple horizontal band. This area provided strong support, allowing Bitcoin to consolidate and bounce back.
Resistance: The $61,500 - $62,500 range acted as a significant resistance level (upper purple band), where Bitcoin experienced multiple rejections before finally breaking through.
Breakout Confirmation:
Recent Breakout: Bitcoin has successfully broken above the $61,500 - $62,500 resistance zone, confirming a bullish breakout. The breakout is supported by strong momentum, as indicated by the surge in price and clear upward movement.
Target Levels:
Immediate Targets: Following the breakout, Bitcoin is currently testing the $64,994 resistance level. If BTC manages to break above this level, the next target to watch would be the $65,710 resistance level, which is critical as it’s the last hurdle before potentially moving toward the $68,000 - $70,000 range.
Breakout Possibilities:
Bullish Scenario (Continuation):
Scenario 1: If Bitcoin breaks above the $64,994 resistance and holds above $65,000, it would signal strong bullish momentum, likely driving the price toward the $65,710 level. A successful breach of this level could open the door to $68,000 and possibly higher toward $70,000.
Bearish Scenario (Rejection):
Scenario 1: If Bitcoin fails to hold above $64,994 and faces rejection, we could see a pullback to retest the $62,500 support zone. A break below this level could lead to further downside, potentially revisiting the $60,000 level.
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