The post Bitcoin eyes bullish breakout, but can BTC smash THIS major resistance? appeared on BitcoinEthereumNews.com.

Bitcoin struggled against $67,583 resistance; breaking this level could trigger a move toward $70,000. RSI and MACD show weakening momentum, while rising active addresses suggest potential bullish activity. Bitcoin [BTC] fell below $67,000, reaching an intraday low of $65,700 after losing its overnight gains. Priced at $66,972.95 at press time, it shows a 1.22% decline in the past 24 hours and 2.01% over the past week.  Despite the short-term dip, Bitcoin’s market cap remains at $1.32 trillion, with a circulating supply of 20 million BTC. In the last 24 hours, trading volume reached $46.32 billion, reflecting continued interest from traders. Bitcoin has been trading within a clear descending channel. This pattern shows a series of lower highs and lower lows, indicating a bearish trend. The upper boundary of this channel, near $69,000, has repeatedly acted as a strong resistance level, pushing prices lower after each attempt to break above it.  As seen on the chart, recent rejections have followed similar patterns, suggesting that this resistance remains a key challenge for further gains. Source: TradingView Support and resistance levels Bitcoin’s press time upper resistance zone was between $67,583.25 and $69,000, a range that has consistently rejected bullish attempts. If Bitcoin manages to break above this range, it could pave the way for an extended move toward $70,000.  However, failure to clear this level could see Bitcoin reverting lower within the descending channel. Immediate support is identified around $66,423.76, marked as a critical level on the chart. Should Bitcoin breach this support, it could drop toward the lower boundary of the channel, projected between $60,000 and $62,000. RSI and MACD analysis At the time of this publication, Relative Strength Index (RSI) was at 56.75, positioned below its signal line at 63.00. This indicated that bullish momentum was weakening, approaching a more neutral…

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Filed under: News - @ October 26, 2024 9:05 pm