Bitcoin has been unable to surpass the $70,000 mark since late July, facing significant resistance in the past few months despite an all-time high of $73,700 in March. This has led to price corrections and consolidation, but new bullish sentiment hints at a possible resurgence.
According to market analyst Rekt Capital, Bitcoin recently broke through a downtrending channel. This development has fueled optimism about its trajectory, as the cryptocurrency's recent weekly close shifted market sentiment, indicating the end of the previous downtrend.
Rekt emphasizes the importance of retesting former resistance points above $69,000. A successful retest could lead to substantial upside momentum. If Bitcoin successfully consolidates at the lower support floor around $66,300, it could transition to higher levels, targeting the next resistance at $71,500.
Breaking through this significant resistance marks a crucial juncture for Bitcoin's possible upward trajectory, especially as historical retracement patterns show deeper declines upon facing rejection at high levels.
Rekt concludes that transforming prior resistance at $66,000 into support could reinforce the bullish outlook, setting the stage for Bitcoin to retest and possibly surpass the $70,000 mark again. Currently, Bitcoin is priced at $67,350, showing a minor drop in the past day.
