Bitcoin Price Holds Steady Amidst Speculation and Uncertainty
Bitcoin's price is currently holding steady above $68,500, with potential for a bullish breakout above $70,000. However, a failure to break through this resistance could lead to a decline towards the support levels of $68,200 and $67,000.
Support Maintained Above $68,500 with Potential for Upward Movement
Despite speculations of a pump-and-dump scheme due to the upcoming Fed interest rate decision, Bitcoin's price has held steady above $68,500. This consolidation suggests a potential push above the $70,000 resistance level, indicating a bullish sentiment in the market.
Bullish Comeback Signaled by Inverted Head and Shoulders Pattern
Following a bearish reversal last week, Bitcoin's price is currently testing the support trendline of the ongoing recovery rally. However, an inverted head and shoulders pattern suggests a potential bullish comeback. The resistance trendline acts as the neckline of this pattern, indicating a possible breakout and the start of a new bull run.
Flag Patterns and Potential Breakout on the Daily Chart
Bitcoin has been trading sideways for the past three weeks, resulting in the formation of flag patterns. A bullish breakout from the resistance trendline of the flag pattern on the daily chart, as indicated by Coin Gabbar analysis, would signal a continuation of the bullish rally.
Key Resistance and Support Levels to Watch
The key resistance levels for Bitcoin are $70,800 and $72,000, while the support levels are $68,200 and $67,000. A failure to breach the $70,000 resistance could lead to a decline towards these support levels.
