According to external sources, bitcoin is testing a critical resistance position that has continued to be of interest to the market in recent weeks. According to Aksel Kibar, a technical analyst, if prices are effectively broken and about $6.66 million stabilized, the upper space may be further opened and the technical measurement target is about $76,000.
High up before the resistance level approaches. Points
The report mentions that this position corresponds to the “head shoulder bottom” neck line on the dailies. Since the low point in June, Bitcoin has formed three low points at the solar-line level, deeper in the middle and relatively shallow on both sides, which constitute a common reverse pattern in the market.
By the time the report was released, the BTC price was around $6.65 million and had risen by about 3 per cent in the day since UTC zero, only one step further from the above-mentioned resistance. The focus of market attention is not only on short-term breakthroughs, but also on whether prices can remain above them after breakthroughs.
Stand still for $6.66 million.
According to the article, a single break is not sufficient to confirm a reversal of the trend. Technical analysis tends to place more emphasis on “effective stamina”, i.e., not to retreat quickly after a breakthrough and to be able to maintain strength over the period of subsequent transactions.
If this pattern is confirmed, a common measure-up scale measure would push the target to approximately $76,000. This target is not given at will, but is derived from a vertical distance between the lowest point of the head and the neck line.
- Key resistance position: approximately US$ 66,600
- Price at reporting: approximately US$ 66,500
- Technical target position: approximately $76,000
The market is watching if the fall is over.
The focus on this pattern is also related to the context of the past fall in Bitcoin. According to the article, Bitcoin reached the 12.6 million-dollar high point in October of last year and then entered the phase of a continuing fall. If the current pattern is finalized, the market may see it as one of the signs of a new phase of prices after the previous fall.
However, the report also notes that what really affects short-line emotions is still the results of the subsequent tests of resistance positions. If a breakthrough is established, it may attract more favourable capital; if it is blocked again, prices may fall back to the immediate vicinity of the pattern, thus affecting broader encryption-market sentiment.