Bitcoin is showing signs of weakening momentum as it struggles to move higher, putting the market at a crucial turning point. The $66,000 level has now emerged as a key support zone that could determine the next big move. If you stay above it, bulls can have a chance to get a recoverywhile a decisive break below could open the door to a deeper decline.
Bitcoin struggles below Blue Box resistance as buyers remain quiet
Bitcoin continues to trade below the blue box resistance, indicating that the market has not yet regained strong bullish momentum. According to crypto analyst Kamile Uray, buyers failed to enter at the closely watched $69,407 level within a 4-hour time frame. Although selling pressure pushed the price down, the pace of decline is starting to slow in the current region.
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Uray explained that as long as Bitcoin remains above the $66,187 level, the possibility of another attempt at resistance against the blue box remains on the table. A decisive one outbreak above the resistance at $69,407, especially on strong candles with high volume, could open the door for a much bigger upside move.
Based on the principle of equal waves, such a breakout scenario could push Bitcoin towards the $100,000 mark. A daily close above $98,200 would also trigger a new high in the context of the latest wave structure on the daily chart, increasing the likelihood of a continued uptrend.
However, caution may be warranted if the price approaches $107,000-$109,000. bearish Within that zone, the formation of Libras could occur. Failure to close above the previous peak could trigger the pattern and trigger another downward move.
Meanwhile, the $66,187 level remains a key support on the 4-hour chart. Staying above will keep bullish expectations intact, while a close below could lead to a retest of $62,433. If the decline deepens further and resistance levels continue to limit upside attempts, the next major support targets are $62,433, $55,230 and $47,256.
BTC loses support at $70,000 as bearish momentum increases
Crypto analyst Crypto Candy noted that Bitcoin failed to maintain its position above the $70,000 level and eventually closed below it. Staying above that zone was previously highlighted as crucial to sustaining bullishness momentum. Failure to defend the $70,000 limit suggests that sellers have regained control of the market market.
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The analyst further explained that bearish pressure may continue unless Bitcoin manages to regain and break the $74,000 level. As long as the price remains below that threshold, momentum favors the downside, with a potential move towards the $61,000 region or even lower levels.
Featured image from Getty Images, chart from Tradingview.com