Bitcoin, Technical Analysis – H1
The bulls failed to push Bitcoin outside the broad horizontal range, demonstrating noticeable weakness near its upper boundary.
The bulls failed to push Bitcoin outside the broad horizontal range, demonstrating noticeable weakness near its upper boundary. If they cannot generate a convincing upward impulse from the local pivot around $62,700, the price will likely collapse toward $61,200 with high probability.
Key Levels:
□ $61,200 — Primary support
□ $62,700 — Local pivot / resistance
□ $64,000 — Local high
Primary Scenario:
Decline to $61,200.
Alternative Scenario:
Bounce from $62,700 followed by an attempt to renew the local high near $64,000.
Analyst Commentary:
Additional clarity will come from Bitcoin’s actual reaction at the $62,700 level.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.