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Recently, BTCUSD has experienced significant breakthrough volatility above the $70,000 mark, thereby reinforcing the upward momentum and establishing a new extended path for the bullish side. Overall, the market is currently trading below the resistance level of $71,555 and consolidating within the breakout range of $70,000 - $65,000.
The fundamental evaluation and technical analysis favor the bullish trend. However, the volume at this time is still decreasing. By utilizing the excellent Fibonacci tool from Tradingview, I anticipate that the price will retest the 0.168 level, which is equivalent to $68,590. The downward trend from this resistance zone will likely continue before any catalyst pushes the price back up. It is expected that the price will recover after the correction and retest of the EMA 34,89.
Recently, BTCUSD has experienced significant breakthrough volatility above the $70,000 mark, thereby reinforcing the upward momentum and establishing a new extended path for the bullish side. Overall, the market is currently trading below the resistance level of $71,555 and consolidating within the breakout range of $70,000 - $65,000.
The fundamental evaluation and technical analysis favor the bullish trend. However, the volume at this time is still decreasing. By utilizing the excellent Fibonacci tool from Tradingview, I anticipate that the price will retest the 0.168 level, which is equivalent to $68,590. The downward trend from this resistance zone will likely continue before any catalyst pushes the price back up. It is expected that the price will recover after the correction and retest of the EMA 34,89.
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