Bitcoin Retests Key Resistance: Breakdown Coming or Surprise Breakout Ahead?
A small rally has seen the Bitcoin price climb 3% over the weekend. However, key resistance may have put paid to any further upside in the short term. Is Bitcoin about to break down, or can the bulls still stage a rally and take the market by surprise?
Rejection from $65,600 resistance a done deal?
Source: TradingView
Perhaps the first thing to bear in mind when discussing whether the $BTC price is rising or falling, is that the crypto market looks weak in general. While the price of Bitcoin has indeed risen significantly since the bear market low just below $58K, the rally has not been a strong one. Instead the price has meandered slowly to the upside, and even when breaking through the top of the channel and the key $66K resistance, there was very little momentum that would have enabled significant escape velocity to the upside.
As things stand on Monday, the $BTC price rather looks like it is testing and confirming the underside of the trendline that guided the rally up from the bottom. If this is the case, watch out for a pullback, and quite possibly another lower low.
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