Technical Analysis On Bitcoin: Key Support And Resistance

Bitcoin continues to struggle, trading below its key pivot line of $61,600. As long as price remains below this level, bulls face a tough time with the potential for price to retest recent support from $53,000-$49,000.

However, should price break above the $61,600 pivot line, probabilities sharply flip to favoring a move to the $69,000 resistance.

The above levels are near-term price action factors. As long as the $49,000 holds on a weekly closing basis, the bullish consolidation for the longer-term is intact.

The biggest risk to Bitcoin remains overall asset de-risking. Just two weeks ago this was seen when panic hit the stock market. Bitcoin sold sharply. On the bullish side, more institutions are slowly inching in to Bitcoin as it becomes more well known and respected as a store of value.