 ▲ Bitcoin (BTC) |
Bitcoin (BTC) has successfully staged a strong rebound after establishing support at the $67,000 level, continuing its relentless run toward the psychological resistance mark of $70,000.
According to a report by analyst Aayush Jindal cited in a February 26 video released by crypto media outlet NewsBTC, Bitcoin has entered a clear upward trajectory after breaking above the $68,000 level. Jindal noted that Bitcoin consolidated around $66,000 before securing new bullish momentum by surpassing the $67,000 resistance zone. In particular, breaking above a descending trendline formed at $66,500 on the hourly chart served as a catalyst for the current rally.
Bitcoin is currently maintaining a stable trend above $67,500, which coincides with the 100-hour simple moving average, as it attempts further gains. While strong resistance near $70,000 could trigger a brief consolidation phase, holding the $67,500 support level may pave the way for another attempt to reclaim previous highs. The first resistance stands at $68,500; if cleared, Bitcoin is expected to target $69,200 before making a full-fledged attempt at the $70,000 barrier.
If the bullish momentum continues, Bitcoin could surge beyond $71,200 and potentially reach $72,500. Although the Moving Average Convergence Divergence (MACD) indicator has slightly slowed within bullish territory, it continues to signal positive momentum, while the Relative Strength Index (RSI) remains above 50, confirming a buyer-dominant market. Analysts suggest that if buying pressure accelerates, the next target could be $72,000.
On the other hand, if Bitcoin fails to break through the $68,500 resistance level, further corrections may occur, with the first key support at $67,200. This area aligns with the 50% Fibonacci retracement level of the move from the $62,500 low to the $70,000 high. A breakdown below this zone could extend losses toward $66,250 and $66,000. During any short-term consolidation, whether Bitcoin holds the $65,500 support level will be a decisive factor in determining the success of the next rebound.
Disclaimer: This article is for investment reference purposes only, and we are not responsible for any investment losses resulting from its use. The information provided should be interpreted for informational purposes only.