BEARISH 📉 : Bitcoin breaks $65,000 support, momentum favors bears

Bitcoin is at a crucial juncture, facing two potential outcomes:

If Bitcoin reclaims the range highs, momentum may shift upwards.
Failure to do so could lead to new weekly lows.

Current Market Dynamics

Bitcoin is testing its range extremes, creating tension among traders. Analyst Lennaert Snyder highlights this as a period of high volatility, often leading to quality trading setups.

The key level to watch on the H4 timeframe is $66,590. Holding above this indicates a momentum shift for potential bullish movements.
A more significant pivot point for bullish momentum sits at $68,000, marking the Point of Control (POC) for the range. Reclaiming this signals buyers regaining market control.

Breaking above $68,000 opens the path to $71,422 resistance, with an ultimate target at a liquidity cluster of $76,971. However, if Bitcoin faces rejection at these levels, it could become a prime opportunity for short entries.

Support and Momentum Shifts

Bitcoin has recently dropped below the crucial $65,000 support level, shifting short-term momentum towards bears.

This break weakens the immediate structure, indicating potential further downside.
Bid liquidity exists between $60,000 and $63,000, which might provide demand support depending on broader market conditions.

A sweep of the $60K lows seems likely before any significant reversal attempt.

Bitcoin