While the largest cryptocurrency, Bitcoin, was positioned at a critical threshold in the last days of February, its price movement approaching $ 69,000 aroused great curiosity among investors. The current technical picture in the market indicates a phase of indecision, caught between the bulls’ effort to overcome resistance points and the pressure from the sellers. Investors are waiting for that decisive breakout moment that will determine the direction of the market after the bottom formed around February 19.
Decision Moment and Possible Withdrawals in the Resistance Zone
Examination of the charts shows that Bitcoin is experiencing a serious rejection in the tough resistance zone between $68,300 and $69,800. This area, which was difficult to overcome before, works like a castle where sellers are concentrated, disrupting the upward momentum. While current price movements display a scattered appearance in short time frames, a permanent daily close above this resistance line is vital for the continuity of the rise.
The survival of the bull scenario depends on the market’s potential to initiate a third wave rise in a structure similar to the Elliott Wave theory. However, it is considered technically healthy for the price to take a breather before this strong move comes. In case of a possible correction, the range between $66,194 and $66,956 stands out as the most important first line of defense for the market to hold on to. As long as the price remains above this level, it can be said that the uptrend is not structurally broken.
This critical support zone, followed by market makers and institutional investors, is a point where buyers can regain their appetite. If demand concentrates in this region, Bitcoin will be expected to head back to its local peaks. On the contrary, if the resistance cannot be broken, signs of fatigue in the market may increase, which may cause investors to adopt a more cautious approach in their strategies.
Support Break and Deepening Correction Scenario
If the price fails to maintain the initial support zone at $66,000, a more cautious mood may prevail in the cryptocurrency market. In such a scenario, Bitcoin is likely to decline into a deeper support area starting from $64,535 and extending to $62,592. A drop to this wide area will be considered an indication that the market is entering a more comprehensive process of gathering strength before the big rally.
The main determinant for investors is the direction in which the price will make a large break. A clear daily close above the $69,867 level would confirm that the bullish momentum is fully in control. As long as this level is not exceeded, horizontal and uncertain movements similar to a “saw” in the market can be expected to continue for a while, testing the patience of those who take positions.
While Bitcoin is currently in a complete decision phase, the macro outlook still remains slightly bullish. However, in technical analysis, breaking supports always opens the door to testing lower levels. Therefore, investors should follow both the $69,800 resistance and the $66,194 support like a compass and observe in which direction the market will break its new route.
