Technical Analysis: Bitcoin Teases Potential Breakout

Bitcoin continued to show strength in the last week. After underperforming the stock market, it has finally taken the lead and is now outperforming. In addition, price has now climbed above the major $68,000 level. While unconfirmed, it does tease the high probability of a major breakout.

If the breakout is confirmed, probability based on technical analysis signals the likelihood that price pushes to $74,000 and beyond.

Should the breakout fail, Bitcoin would again grind back down to the bullish/bearish pivot line around $60,000. This has been an epic line given to investors right here at Verified Investing. Once it confirmed above the pivot line in late September, it retested twice in October, never breaking below. Then it ripped higher.

Overall, Bitcoin remains is great shape but keep an eye on the stock market. With the S&P still at all-time highs, risk-on is definitely helping Bitcoin.

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