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As <a href="https://xpertsstudio.com/second-wave-of-bitcoin-rally-70000-mark-approaching-why-is-it-rising/” title=”Second Wave of Bitcoin Rally! $70,000 Mark Approaching! Why is it Rising?”>Bitcoin’s price continues to recover, technical analysts are highlighting the $66,600 level as a key factor for a continuation of the uptrend. According to Tech Charts market technical analyst Aksel Kibar, Bitcoin has been forming an inverse head and shoulders pattern on the daily chart since its June lows, a pattern considered a bullish signal.
Kibar stated that the neckline resistance of the formation in question is approximately at the $66,600 level. He added that if Bitcoin breaks above this level strongly and maintains its position there, the formation would be confirmed, and the technical target could extend to $76,000.
In technical analysis, the inverse head and shoulders pattern is generally considered a reversal pattern indicating that a downtrend may be nearing its end and a potential uptrend may be beginning. The target price is usually calculated by adding the distance between the head and neckline of the pattern to the breakout level.
The current formation, which has been developing since the beginning of June, could strengthen expectations of a possible bottom in Bitcoin’s decline, which began after it peaked at around $126,000 last October.
For market participants, the most critical level in the coming period will be $66,600. If Bitcoin breaks this resistance and turns it into support, the technical outlook is expected to strengthen and the $76,000 target will come into play. Conversely, failure to surpass this level may delay the confirmation of the formation.
*This is not investment advice.
Source: <a href="https://cryptonews.net/news/bitcoin/33321269/” target=”_blank” rel=”nofollow noopener”>cryptonews.net