Bitcoin price faced rejection at its bull flag's peak
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#Bitcoin price has been struggling to break past the $72,000 resistance level for the last four months.
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After failing to hold above $68,500, the cryptocurrency has been showing bearish signals below $67,200.
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All eyes are on the upcoming release of the US Bureau of Labor Statistics' Consumer Price Index (CPI) data set for Wednesday.
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At the same time, the US Federal Reserve will release its FOMC statement, economic projections, and interest rates, sparking market worries.
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Bitcoin's price could be forming a double top pattern, suggesting possible bearish momentum continuation.
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This pattern suggests a possible pullback to the lower end of Bitcoin's trading range, around $60,000.
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According to Coin Gabbar analysis, If Bitcoin stays above $66,000, it might surpass $72,000 and target its previous all-time high near $74,000, potentially reaching Fibonacci extension levels of up to $78,300.
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Conversely, a drop below $66,000 might find support around $65,000 or $63,000, potentially leading to further decline towards the $60,000 mark.
KEY LEVELS :
RESISTANCE LEVEL : $67,600-$68,500
SUPPORT LEVEL : $65,800-$64,600
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