Bitcoin has faced a rejection at $66K, which has led to a reversal of its bullish price action. The price rejection shows an important impediment that could bring a downward retracement. The inability to stay above this price level has led to a debate on where the next support levels for Bitcoin are.
A crypto analyst stated that the resistance zone of $66,000 is too strong for Bitcoin. The rejection at this point has caused concerns about its immediate future movement. The analyst noted that Bitcoin will likely now retrace to the lower support.
Bitcoin failed to hold 66K level. ❌
— Open4profit (@open4profit) September 30, 2024
First clear rejection at the resistance.
Next channel support 59-60K can be at retested.
What's your thoughts? #BTC 👇 pic.twitter.com/lUi7Vpn4jT
Bitcoin’s current price action suggests a possible move toward the $59,000 to $60,000 support range. This area has been a support in previous months, and traders are eyeing this level for a potential retest. The chart pattern indicates that Bitcoin may consolidate and move downwards before resuming any further bullish action. Such moves are common in the volatile cryptocurrency market, where Bitcoin’s price tends to respect key resistance and support zones.
The technical analysis revealed that BTC had formed a downward channel in a 2-hour timeframe. The pattern consists of lower highs and lower lows, with resistance at $66,000 and lower support at $60,000. If the price fails to hold on to the next support zone, a deeper downside can be witnessed.
Despite the situation, Bitcoin’s trend remains uncertain. Such corrections usually point toward pullbacks before another rally is made. The market’s next move will most probably be determined by Bitcoin’s ability to maintain or regain the $59,000 – $60,000 support level.
Bitcoin Breaks Downtrend: Bull Market Likely in Q4 2024The history of Bitcoin shows that resistance levels, once broken, become a strong support in future. However, the failure to break through the $66,000 resistance has halted Bitcoin’s recent rally. As it hovers around lower price levels, traders and investors are cautiously watching out for its next move.
At the time of writing, Bitcoin was trading at $64,443. This represents a 1.93% negative change in the last one day. Further, the market capitalization of Bitcoin has come down to approximately $1.273 trillion. Even with an overall decrease in the prices, the trading volume has increased by 37.23% and stands at $20.2 billion.
