Bitcoin Faces Resistance: Can It Break the $67K Barrier?
Solid ECN – Bitcoin, often called digital gold, has reached a critical resistance level around the $67,236 mark. The upper band of the wide bearish flag and the 50% Fibonacci support level support this barrier.
Technical indicators are signaling the bull market will continue. The BTCUSD price is above the Ichimoku cloud, and the relative strength index and the awesome oscillator hover above 50.
For the uptrend to continue, the price must close and stabilize itself above the 50% Fibonacci level, a task it has failed to achieve in today's trading session. Interestingly, the BTCUSD 4-hour chart has formed a bearish engulfing pattern, a signal that suggests a shift in trend from a bull to a bear market.
Therefore, if the price remains below the flag, a dip in the Bitcoin price is still possible.
We suggest monitoring the price behavior around the 50% Fibonacci level and the EMA 50 in today's trading session.