Bitcoin is encountering persistent hurdles in surpassing the $64,000 resistance levels.
A recent decline initiated at the $62,000 resistance zone, with dynamic resistance observed from the upper trendline of the pattern.
BTC broke bearish flag patterns on the 4-hour chart, trading above 50 and 100-day EMA.
Over the past two months, Bitcoin's price has adhered to a falling wedge pattern, marked by successive lower highs and lower lows.
Failure to sustain levels above $60,000 could lead to a final downward movement towards the $52,000 to $55,000 range.
According to Coin Gabbar analysis, a breakout beyond the upper resistance of the wedge pattern could signal a resurgence, potentially propelling BTC towards $70,000 to $72,000.
KEY LEVELS :
RESISTANCE LEVEL : $64,000-$65,500
SUPPORT LEVEL : $61,800-$60,000
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
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