<img src="https://technicalterrence.com/wp-content/uploads/2024/05/Bitcoin-Volatility-Highs-of-65500-and-Lows-of-60000.jpg" alt="bitcoin“/>
- On Friday night, bitcoin price retreated to the support level of $66,624.
bitcoin Chart Analysis
On Friday night, bitcoin price retreated to the support level of $66,624. The hold at that level was short-lived and we quickly saw a pullback above $67,000. On Saturday, the price movement was quite stable in the range of $67400-$67800. On Sunday, the chart shows an increase in volatility and the range of movement has expanded to $67,400-$68,400.
Earlier this week, bitcoin is rising with bullish momentum above the weekend resistance at the $68400 level in the early hours. After that, we saw the continuation of bullish consolidation until the formation of the weekly high at the level of $69312.
<source type="image/webp" srcset="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2024/06/bitcoin-chart-analysis-1024×564.jpg.webp”/>
<img decoding="async" src="https://6ztkp25f.tinifycdn.com/wp-content/uploads/2024/06/bitcoin-chart-analysis-1024×564.jpg” alt=”bitcoin Chart Analysis” width=”1024″ height=”564″/>
Are we going to reach the $70,000 level this week? Does btc have the power for it?
We pause here for now and there is a slight reduction in volatility. The highest potential targets are the $69400 and $69600 levels. We need a negative consolidation and pullback below $69000 for a bearish option to begin. After that, we need a new low below the $68750 level. In this way we introduce instability into the previous bullish structure, intensifying the bearish pressure.
After that, bitcoin would be forced to continue its pullback and look for lower level support. The possible lower targets are the $68500 and $68250 levels. In the area of $68000 level the price will test the EMA200 moving average.
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