$72K resistance suspended; Trust levels below $69K.
Bitcoin is currently experiencing a crash on larger time frames, but following the latest pullback, it has confirmed a new bullish trend in the short term. Ethereum and other altcoins are showing similar signs of strength and are experiencing critical support levels. At the time of writing, Bitcoin is trading just below the $68k levels and is down more than two percent in the last 24 hours.
Bitcoin chart analysis
According to CryptoWorld analyst Josh, the four-day Bitcoin chart shows stability, with little change from the previous day. The 2-day chart shows that Bitcoin is trading above an important support level at $65,000 and the overall structure remains bullish as higher lows and higher highs are being formed.
Resistance and support levels
On the daily chart, Bitcoin is facing resistance in the $72,000 to $74,000 range, which it has struggled with recently. Immediate support is found above $69,000, with a more significant support zone between $66,700 and $68,300, where past resistance now serves as support.
Bullish Trend and RSI
Although it has some weaknesses, the bullish trend remains. The current cooling period allows the RSI to reset to neutral levels, which may provide room for a future move higher.
Fluid map analysis
A recent review of the Bitcoin Liquidity Heatmap shows a build-up of liquidity at various price points, particularly between $68,700 and $68,800. An increase in liquidity is noted at around $73,000, which may influence future price movements.
Summary
A new bullish variant has been confirmed, suggesting that there may be some bullish relief or lateral action in the near future. Recent price movements indicate bearish price action, with volatility expected to continue through the weekend.
