Bitcoin erases latest gains

Bitcoin is trading in the red at 67,355.56 but the bias remains bullish. Today, it has climbed to the 69,000 psychological level registering a fresh new historical high. The buyers are still strong in the short term despite the current drop.

BTC/USD has registered a 4,57% growth from 65,982.95 today's low to 69,000 today's high. The crypto is up by 6.61% in the last 7 days, the market cap rose by 0.73% in the last 24 hours, while the volume plunged by 9.30% in the last 24 hours.

BTC/USD Fresh All-Time High!

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In the short term, BTC/USD seems very heavy after registering only false breakouts above 68,564.40. Failing to stay above 67,166.41 weekly R1 and above 67,016 levels may signal strong pressure and potential deeper drop.

Technically, Bitcoin maintains a bullish bias as long as it stays above the weekly R1 (65,250) and above 64,895.22. The price could only move sideways, within a range before resuming its growth.

Bitcoin Prediction

After failing once again to stay above the weekly R2 or to close above 68,564.40, BTC/USD could slip lower. It could come back down to test and retest the near-term support levels before jumping higher.

A temporary correction could help the buyers to catch a new leg higher. Technically, a range pattern could represent a continuation pattern.

The material has been provided by InstaForex Company - www.instaforex.com

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