Breaking The Previous Resistance
Updated
Bitcoin traded in a range for two days before attempting to break the $62,700 resistance with the opening of global markets. Now, Bitcoin is on the verge of challenging the weekly downtrend. Whether it successfully breaks this trend or not, by holding the newly broken $62,700 level, Bitcoin will soon have its sights set on the $71,000 target. Additionally, the key support remains at $60,000.
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🟥 Bitcoin has been rejected from the psychological level of $68,000 and is now retreating toward the 4-hour support.
For the continuation of the short-term uptrend and the potential break of the weekly downtrend, it is crucial for Bitcoin to maintain this 4-hour support level.
Moving forward, the interaction of the price with this support will be critical, as the outcome of this interaction (whether the support holds or breaks) will dictate the next steps for Bitcoin.
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