$BTC Consolidation Breakout, Strongly Hugging Mid Range Support Structure......!!!
The Bitcoin price continues to consolidate its gains within a controlled recovery phase following its reclamation of the mid-range support structure in the 66.8K range. As it stands, the current floating position has slightly turned in profit, meaning buyers continue to defend the reclaimed range without facing any strong resistance from sellers.
In the 4H structure, $BTC has managed to shift out of the corrective bearish downtrend into a higher low recovery mode. The cryptocurrency is currently consolidating itself above the old resistance level, which has shifted to support level due to accumulation. Therefore, if the momentum continues, a higher level could see the bulls push towards liquidity targets above.
For now, BTC should find immediate upside targets at 67.7K, then liquidity levels in the 70K range, and lastly at the key expansion level at 71.4K. In the opposite direction, BTC has key support structures at the range of 65.3K-64.9K, with a major structural level at 63.4K. Any breakdown below this level could signal an invalidation of the present recovery setup