Bitcoin, Technical Analysis – H4

Bitcoin’s upward correction is targeting resistance levels at 65,000 and 65,500, from either of which a significant downward reversal may occur. The potential weakness of the bulls in this zone stems from the technically unjustified nature of the recent rally. Simply put, the market is rising without strong fundamental drivers. The only notable factor appears to be community consensus around the psychological $60,000 level.

Key Levels:

□ 65,000 — first resistance

□ 65,500 — key resistance

□ 60,000 — critical psychological support

Primary Scenario:

Rise toward $65,000, followed by a downward reversal.

Alternative Scenario:

Deeper correction to the $65,500 area, followed by a downward reversal.

Analyst Commentary:

If this scenario plays out, the $60,000 support level will once again come under pressure in the medium term.