$BTC Daily Recovery Underway/Bitcoin is showing strong signs of recovery on the daily chart, pushing back towards the $69,250 level after a period of volatility. After a sharp rejection from the $74,000 high, the price formed a bottom around $66,000 and is now posting consecutive bullish daily candles.
The Setup:
* Bullish: A daily close above $70,000 would confirm a reclaim of the psychological level, potentially targeting a move back to $72,000 and a retest of the all-time high.
* Bearish: Failure to maintain momentum here could result in a double-top structure on lower timeframes, leading back to the $67,000-$66,000 support cluster.
* Volume on the most recent green candle is stable, indicating that buyers are returning. The next 24-48 hours will be crucial to determine whether this is a sustained trend reversal or a relief bounce.
Key Levels: Resistance: $70,000 / $71,500 |
Support: $66,000 / $64,500
Return to highs or another rejection?
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