Uncertainty and Possible Scenarios in Bitcoin Price

Bitcoin struggles to break the $68,000 resistance level, causing market volatility. Although it shows a strong increase above $65,000, trading below the 100-hour Simple Moving Average leads to uncertainty. The $65,900 rising trend line provides support, but Bitcoin needs to pass the $68,000 resistance point, otherwise a downward trend may begin. Bitcoin’s Upside Potential Recent price movements indicate Bitcoin consolidating its gains. Trading at the 23.6% Fibonacci retracement level from $62,614 to $67,614 suggests future market direction. If Bitcoin can surpass resistance levels, the upward trend is likely to continue. Possible Downward Scenario for Bitcoin If Bitcoin fails to surpass the $68,000 resistance zone, a downward trend may occur. Immediate support is at $66,000. A drop below this level could result in significant loss. The first major support is at $65,200, and if the price falls below this level, selling pressure may increase. A close below $63,800 could cause a […]

Uncertainty and Possible Scenarios in Bitcoin Price

Bitcoin struggles to break the $68,000 resistance level, causing market volatility. Although it shows a strong increase above $65,000, trading below the 100-hour Simple Moving Average leads to uncertainty. The $65,900 rising trend line provides support, but Bitcoin needs to pass the $68,000 resistance point, otherwise a downward trend may begin.

Bitcoin’s Upside Potential

Recent price movements indicate Bitcoin consolidating its gains. Trading at the 23.6% Fibonacci retracement level from $62,614 to $67,614 suggests future market direction. If Bitcoin can surpass resistance levels, the upward trend is likely to continue.

Possible Downward Scenario for Bitcoin

If Bitcoin fails to surpass the $68,000 resistance zone, a downward trend may occur. Immediate support is at $66,000. A drop below this level could result in significant loss. The first major support is at $65,200, and if the price falls below this level, selling pressure may increase.

A close below $63,800 could cause a serious drop to $61,200. In the short term, the $60,500 support zone may come into play. At the time of writing, Bitcoin was trading at $67,460.

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