Bitcoin, Technical Analysis – H1
Bitcoin is in the final stage of a local consolidation and is highly likely to lose support in the $65,600 zone.
Bitcoin is in the final stage of a local consolidation and is highly likely to lose support in the $65,600 zone. This breakdown should trigger a relatively swift decline toward the $64,000 area.
Key Levels:
□ $65,600 — critical support
□ $65,000 — intermediate support
□ $64,000 — primary downside target
Primary Scenario:
Breakdown of the $65,600 level followed by a decline toward $65,000 and ultimately $64,000.
Alternative Scenario:
Continued consolidation around the $65,600 zone.
Analyst Commentary:
Bulls will find it extremely difficult to invalidate this bearish setup, as they currently appear weak and lack conviction under the prevailing market conditions.
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.