Current Price at $68,217: Bitcoin trades above the $68,000 support level, suggesting sustained buying interest as it attempts to consolidate recent gains.
Resistance at $70,000: BTC faces a crucial psychological resistance at $70,000. A breakout above this level could signify bullish momentum, targeting higher levels.
Support at 61.80% Fibonacci ($66,167): The recent pullback found support at the 61.80% Fibonacci level, around $66,167, a level likely to act as a buffer in case of a downturn.
Double Bottom Reversal: On the 4-hour chart, a double-bottom pattern hints at a bullish reversal, with the neckline positioned around $68,200, indicating a potential breakout point.
78.60% Fibonacci Resistance ($69,000): The recovery rally is targeting the 78.60% Fibonacci level around $69,000. Breaking this level could confirm a continuation of the uptrend.
RSI Divergence on 4-Hour Chart: The RSI shows divergence, supporting the double-bottom pattern and hinting at a continuation of the bullish reversal if the RSI strengthens further.
Short-Term Target at 23.60% Fibonacci ($68,359): BTC needs to surpass the 23.60% Fibonacci level at $68,359 on the 4-hour chart to gain short-term bullish momentum, which may lead to a retest of $70,000.
Institutional Inflows in Bitcoin ETFs: Bitcoin ETFs have seen a ~$3.5 billion net inflow over three weeks, signaling strong institutional support, likely to bolster BTC’s price stability and potential uptrend.
Retest of Resistance Trendline Breakout: The recent pullback acts as a retest of the resistance trendline breakout, suggesting that BTC could maintain its upward trajectory as long as it holds above this level.
Trend-Based Fibonacci Target at $70,817: A breakout above $70,000 could push BTC towards the trend-based Fibonacci target at $70,817, reinforcing the strength of the bullish trend.
Next Fibonacci Targets at $73,500 and $75,500: Short-term bullish targets lie at the 78.60% ($73,500) and 100% Fibonacci levels ($75,500), setting potential ceilings for the rally.