Trading Bitcoin: Technical Analysis Deep Dive

Bitcoin has completed a retest of the all-time high near $74,000. Since that retest, it has pulled back to $69,000. The $69,000 is a minor support level. As long as price remains above $69,000, there is an 80% chance of a breakout to new all-time highs. In other words, there is a strong bullish bias.

Should price break through $74,000, there is a measured move at $75,500. This will be the next price test for Bitcoin.

On the downside, should Bitcoin break $69,000, there is no major support until $64,200. Between $69,000 and $64,200, the bullish bias remains, but probability of upside drops from 80% to 60%.

If price breaks below $64,200, the bullish bias flips to bearish on Bitcoin, now favoring downside by 60%. Next support would be $59,000.

In summary, even with the pull back off $74,000, Bitcoin remains strongly bullish based on technical analysis.

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