Bitcoin has generated excitement in the crypto community by surpassing one of its all-time high price zones. The $67,000 level has long been a significant barrier, yet this time, the leading cryptocurrency broke through with surprising ease. However, if the outlook is so bright, why is Bitcoin facing new struggles? Let’s explore.
While crossing $67,000 was a major achievement, Bitcoin also had to deal with a downward-moving parallel channel that kept it under pressure for an entire seven months. During this time, Bitcoin made several attempts to break free, but each time, it faced rejection.
On October 14, Bitcoin finally made a positive breakout, confirming its position above the upper channel line and crossing $66,900 with confidence. As of now, Bitcoin is hitting another resistance level at $68,300 and is trading at $66,877.
Looking at the MACD histogram shows that buying momentum is fading, signaling a possible minor correction. The 20-day Moving Average is positioned just below the current price, ready to offer support and help Bitcoin overcome this resistance. Additionally, the Relative Strength Index (RSI) is nearing the overbought zone, having declined from 75 points to 62.
While the chart suggests a simple correction, there’s a risk of a deeper pullback, especially since 95% of investors are currently in profit. If some large holders decide to take profits, we might see red candles appear, which could trigger panic selling. This scenario could push the price back down to $65,000, where it might find support along the upper level of the parallel channel.
Despite a 2% decline in the last 24 hours, market conditions remain relatively stable. Although bears are trying to shake things up, the support level is still holding firm. However, it may only be a matter of time before a break could send Bitcoin down to $65,000. The rise in red bars on the MACD histogram indicates growing selling pressure.
Traders with open long positions should practice careful risk management at this stage. Strengthening this support zone could help Bitcoin rise again and break through the $68,300 resistance.
As the legendary investor Warren Buffett once said, ‘Be fearful when others are greedy, and greedy when others are fearful.’
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