Bitcoin is showing signs of weakening momentum as it struggles to regain higher positions, placing the market at a critical turning point. The $66,000 level has now emerged as a major support zone that could determine the next major move. Holding on to it can allow the bull to spark a recoverywhile a decisive break below could open the door for a deeper decline.
Bitcoin is struggling below the blue box resistance as buyers remain calm
Bitcoin continues to trade below the blue box resistance, indicating that the market has yet to regain strong momentum. according to Crypto analyst Kamil Uray, buyers failed to break into the $69,407 level, which was closely monitored for 4 hours. Although selling pressure pushed prices down, the rate of decline in the current zone has begun to slow.
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Urey explained that as long as Bitcoin remains above the $66,187 level, the possibility of another attempt at the blue box resistance remains on the table. The solution break out A break above the $69,407 resistance, especially with strong bullish candles, could open the door for a much larger move higher.
Based on the principle of equal waves, such a breakout scenario could take Bitcoin to the $100,000 mark. A daily close above $98,200 would also create a top on the basis of the last wave structure on the daily chart, increasing the possibility of a sustained rally.
However, caution may be warranted if the price approaches the $107,000-$109,000 zone. bears The formation of Libra can develop within that zone. A break above the previous high can activate the pattern and trigger a new downward move.
Meanwhile, the $66,187 level remains a key support to watch on the 4-hour chart. A hold above would keep bullish expectations intact, while a close could lead to a retest of $62,433. If the decline deepens and the resistance level continues to attempt the upside, the main targets for future support are $62,433, $55,230 and $47,256.
BTC loses $70,000 support as bearish momentum continues to rise
Crypto Candy Crypto Analyzer noted Bitcoin was unable to maintain its position at the $70,000 level and eventually closed below it. Keeping above this area has previously been highlighted as important for steam retention impulse. The failure to defend the $70,000 mark suggests that the sellers have regained control. the market.
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The analyst further explained that the bearish pressure may continue if Bitcoin fails to break above the $74,000 level. As long as the price remains below this threshold, the momentum will contribute to the potential downside, with a possible move to the $61,000 area or even lower levels.
Featured image from Getty Images, chart from Tradingview.com
