Bitcoin has broken out of a 7-month accumulation channel, passing the $68,000 mark and setting a new local high, which confirms its bullish uptrend. As analysts and investors monitor the potential for further upside, there remains caution regarding possible resistance.
Technical analyst Daan highlights that breaking the $68,000 level suggests the possibility of Bitcoin entering previously uncharted territory. If Bitcoin maintains its momentum, it could avoid a pullback, with attention on whether it can break and hold above the $70,000 resistance.
The market sentiment is optimistic, with hopes of new all-time highs, yet aware of historical trends where Bitcoin has faced resistance leading to sharp declines. The current breakout might differ due to a 7-month accumulation shift and climbing above key technical indicators like the Daily 200 MA and EMA.
Bitcoin bulls are encouraged by this uptrend, as buyers appear in control. However, if a retrace occurs, significant support is anticipated around the $63,304 level. This support may stabilize the market, providing a foundation for future bullish trajectories.
