Bitcoin rejected strongly from the $71k area again yesterday but is holding $68k as 4hr support. There is a good chance that last weeks range of $65k - $71.4k acts as a range for some period of consolidation. For now I will watching the Monday Range develop some more but will be looking for opportunities within this range.
The next big move will happen once there is a breakdown of $65k (Prev Week Low) which could lead to the $60k wick being taken out.
Alternatively an upside breakout of $71.4k (Prev Week High) which could lead to a move to test $74k - $75k. US stock market closed today for Presidents Day.
Over the past 24 hours Bitcoin has given 3 positive reactions from $69.2k (2021 ATH.) The price continues to push up towards $71.4k (Monday High) , which is a key resistance level. We may see more volume return to the market as we head into the weekly close, so I am watching for any acceptance above $71.4k which could trigger a move to the $74k area. Any retest lower and I am looking to see $69.2k hold.
Yesterday Bitcoin finally reclaimed $68.3k (Monday Low) which brings the Monday Range into play as we are now seeing a push to $71.4k (Monday High.) The recent 4hr BTC close came in just above $70.2k (Weekly Open) so we are looking to see if this forms the support before the move to test the Monday High where we can expect resistance. A break of $71.4k and BTC could move towards $74k quickly. Any downside retest and I will be monitoring the reaction at $69k where some demand has built up.
Bitcoin once again rejected from $68.3k (Monday Low) yesterday to confirm that this is still an area of major resistance. After BTC retested $65k, we saw 2 consecutive 4hr candles close above $65.7k so we can assume 4hr support in this area. Today we have the US CPI data release, so I will be monitoring the market for a break of range if we see volatility, or opportunities to enter trades at support or resistance.
BTC is facing very clear 4hr resistance at $68.3k (Monday Low.) I am still looking for 4hr acceptance above $68.3k to give more confidence of a push towards $70k. All the time that BTC is trading below the Monday Low, a sweep of $65k is still a possibility. For now the price is moving sideways but I am actively looking for opportunities.