Bitcoin is again trying to break through a critical resistance area in the short-term technical outlook. The price’s recent move marks a retest from below the rising wedge formation that has previously broken down. According to analysts, this stage may be decisive in terms of whether the recovery will continue.
The $64.366 level is watched in the short term
The BTC/USD 1-hour chart shared by the Man of Bitcoin shows that the price is testing the old wedge support, this time as resistance. The level in question is at $64,366. The technical outlook reveals that the initial downside breakout has been completed and Bitcoin is now pushing this structure from the bottom.
Mini dictionary: A rising wedge is a technical formation in which the price moves within an increasingly narrow band as it moves upwards. Fibonacci extension level is a technical analysis tool used to determine possible next resistance or support points.
According to the analysis, a sustained move above $64,366 could weaken the bearish impact of the wedge breakout. In such a case, the next important target stands out as $ 66,183. This level is stated as the 100 percent Fibonacci extension point and is considered the new resistance zone in the short term.
Conversely, Bitcoin’s failure to settle above $64,366 could confirm that the backtest is working as resistance. In this scenario, it is considered that the possibility of the price retreating towards close Fibonacci support areas increases.
According to analysts, a retracement of $64.366 could weaken the short-term bearish scenario. If this level is not exceeded, a new selling pressure may arise in the market.
The range between 65 thousand and 67 thousand dollars stands out as the main resistance zone
It is reported that the outlook has not deteriorated completely over a longer period of time. The daily chart shared by SuperBitcoinBro shows that Bitcoin remained above the weekly 200-period simple moving average and February lows, and also closed above Friday’s peak.
The analyst argued that various bearish formations, such as the bear pennant, bear flag and rising wedge, which were previously brought to the agenda, have not yet produced the expected result. The chart also highlights that the price is balanced above the weekly 200 SMA and the monthly 50 SMA. These two indicators are among the frequently used technical levels to track the strength of the long-term trend.
However, it is stated that the main test for Bitcoin is between $ 65,000 and $ 67,000. This region attracts attention because it is the intersection of the previous swing bottom and the POC level, known as the volume control point. According to the analysis, if the price exceeds this band strongly, the bearish scenario may weaken significantly and the view that the broader uptrend is maintained may gain strength.
On the other hand, it is stated that if this region is not overcome, Bitcoin may remain on a horizontal course for a while. For this reason, all eyes in the market are on whether $64,366 can be reclaimed in the short term and whether sellers in the $65,000 to $67,000 band will re-engage.
