$BTC
is currently trading at around $66,000, slightly above its recent lows. In terms of price movements, Bitcoin did not have an immediate recovery but instead saw a sideways movement after the crash from earlier this week. Although sideways movement might not be as bad as an continued crash, it shows that the bulls are not out to take full control and is not willing to risk to push the price of Bitcoin higher. Currently, Bitcoin is testing the key resistance at $66,200. It is likely that Bitcoin would either consolidate near the resistance level of $66,200 or continue to go downwards towards the $61,000 support. If Bitcoin is rejected by the current resistance, it would trigger a continued bearish momentum and will drop to its current support at $61,000. If Bitcoin can break its key resistance level, it might see a retrace towards its $70,000 all-time high.
Disclaimer: All information provided in the analysis are not financial advice and is not intended to be used as such. This analysis is purely based on technical and market analysis and should not be used as the basis of your decision to invest in cryptocurrency. Please consult a qualified financial professional to determine if a cryptocurrency is suitable for you.
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