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Bitcoin Tops High-Volume Resistance Near $68K: Technical Analysis
BTC has moved past Tuesday's high-volume bearish reversal level.
- BTC has moved past Tuesday's high-volume bearish reversal level.
- The breakout shifts focus to resistance at $70,000.
Bitcoin's price on Coinbase (BTC) has crossed above its high-volume resistance of $67,944 established Tuesday in a sign of strengthening bullish momentum, according to charting platform TradingView.
On Tuesday, the cryptocurrency fell sharply from $67,944 to $65,000 between 14:00 UTC and 15:00 UTC. The volume witnessed during the sell-off was the highest since early September, establishing $67,944 as the key resistance.
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With bulls surpassing that level today, the focus shifts to $70,000 and possibly new record highs, as suggested by the breakout on the "line break chart" Tuesday.
Traders, however, should watch out for a potential bull failure in securing a foothold above Tuesday's high. That might attract selling pressure, paving the way for a test of the rising trendline support closer to $65,000.
As of writing, bitcoin changed hands just above $68,000.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
