Bitcoin Price Prediction: BTC Tests $68K as Support Near $66K Draws Focus

The BTC price is shifting towards the $68,000 mark, as market players are closely watching the key support and resistance points. As per the data, the price is facing weakness, along with changing on-chain activity.

In addition, a Post on X has mentioned the key points, as the $66,000 to $67,000 zone is the current support point, whereas the $70,000 mark is the trigger point

Bitcoin Price Holds Above Key Support Zone

Bitcoin traded near $66,600 on the daily chart, following a decline from higher levels earlier in the month. Data shows price moving below short-term moving averages, with the 9-day EMA positioned around $69,400. This setup indicates that recent upward moves have faced resistance.

BTCs Price Chart

As seen in the chart, the descending trendline continues to cap the upward momentum. Each attempt to go higher has faced selling pressure at the trendline. Additionally, the price action has created lower highs, which further confirms the overall bearish structure. Support has also formed at the $60,000 and $62,000 levels, where buyers entered the market.

Resistance Levels Limit Upward Movement

Resistance still shows up at $70,000, which also coincides with psychological levels as well as the recent price structure. Breaking past this level could potentially open the gates to $72,800 and the $76,000 levels, where support was also converted to resistance.

The chart also shows that price reacted to earlier resistance zones near $80,000 before the recent decline. This shift confirms that previous support levels now act as barriers. The 9-day EMA continues to act as dynamic resistance, with price failing to sustain moves above it.

On-Chain Data Shows Activity Shifts

According to Glassnode data, it is clear that the market activity has changed in the recent price movement. The market capitalization of Bitcoin decreased from $1.49 trillion to $1.35 trillion before rising again to $1.42 trillion.

BTCs Market Cap

The number of active addresses also decreased from 680,000 to 560,000 before rising again to 660,000. This implies that the activity decreased during the price drop, but it is rising again.

BTCs Number of Active Addresses

The transaction count also increased to above 600,000 during the price drop, which implies that activity is rising during the period.

BTCs Number of Transactions

Analysts Identify Key Levels for Bitcoin Price Prediction

According to a post by Ted Pillows, Bitcoin was close to the $68,000 mark, with the next support at $66,000 to $67,000. The analyst stated that if the $70,000 mark is not reclaimed, it could lead to further losses, but if it is reclaimed, it could lead to a rally.

This perspective also reflects the structure of the charts, where the price continues to trade in a narrow range between the levels of support and resistance. These levels continue to be watched by the participants, as they are the levels that the price will be making the next move at.

What’s Next?

Focus is currently on the range of $66,000 to $70,000. This is where the price is consolidating. Holding on to this range could keep Bitcoin within this range. This could also allow it to make attempts towards higher resistance levels. A move past $70,000 could allow for a short-term recovery towards $72,800 and $76,000.

A fall past $66,000 could shift the focus back to the support zone of $60,000 to $62,000. This is where the price has been holding in previous falls. This could also attract fresh buying interest.

Disclaimer: This analysis is based on market trends and does not guarantee future results. It should not be treated as financial advice. Cryptocurrency investments involve risk, so always do your own research (DYOR) before investing.