$65,600. That's the number Bitcoin traders are watching right now, after BTC broke above that horizontal level and briefly tagged a local high of $67,900 before pulling back to retest it.
On the 4-hour chart the move is textbook: price breaks resistance, rallies, then returns to confirm the old ceiling as a new floor. The level held as tough resistance for a while, so bulls are betting it flips to support. A clean bounce from here keeps the setup intact. A wick down to the top of the descending channel, somewhere below $65,600, is also on the table and wouldn't necessarily kill the trade, though it would shake some hands loose.
The daily picture is where the optimism lives. As long as $65,600 holds on a closing basis, the measured move target sits at $73,440, where a separate resistance level lines up almost exactly. That's roughly a 12% move from current levels, and the chart has a rough path sketched out that leans toward the upside.
Weekly, though, is where the caution kicks in. The current candle still needs a few more days to close, and it needs to close above the descending channel and above $66K to count as a real breakout. If bulls lose momentum before the week is out, a fakeout becomes the dominant scenario, one that could drag the bear market into Q4 at minimum.
Two reads, same chart. The next weekly close will do most of the talking.
This article is for informational purposes only and does not constitute financial or investment advice.
