Bitcoin declined below $68K in extended downside correction
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#Bitcoin price has dropped below $68,000, heading towards the $66,250 support area.
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On May 21st, BTC was rejected at the upper trendlines of both channels.
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Bitcoin has been trading in an upward parallel channel since the month's start, recovering some higher levels.
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Recent price action suggests a bullish surge followed by consolidation, possibly forming a symmetrical triangle pattern with lower highs and higher lows.
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Despite bearish expectations, bulls defended the triangle support, maintaining hopes for continued upward movement.
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According to Coin Gabbar analysis, If bulls maintain control, the price is expected to sustain its upward trend and potentially reach the upper resistance of the parallel channel.
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However, breaching the support could trigger selling, potentially driving BTC down to the $65,000 level soon.
KEY LEVELS :
RESISTANCE LEVEL : $68,500-$70,000
SUPPORT LEVEL : $66,400-$64,700
Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.
