Bitcoin’s Pullback: Bullish Backtest or a Reason to Worry?
Mind you, the current price is nearly $65,000 and I see no reason to worry at all, simply Bitcoin being Bitcoin.
This short-term pullback isn’t concerning. In fact, it’s healthy for the market structure. It’s important to see BTC’s price holding $64.8K during the backtest of support. Still, it’s possible for more liquidations to take place, and we should look for support at $62.4k, $61.8K, $61.3K, and $60K. The momentum on the higher timeframes remains firmly bullish, which suggests significant upside ahead.
It’s important to see BTC making a weekly close above $64.8K to confirm the first major breakout signal to new all-time highs. The current price action suggests that the cup and handle pattern has completed, and we are now seeing a bullish backtest of the previous all-time high, which is now a support. If the support at $64.8K holds, we should expect bullish continuation to the upside towards $70K and $80.5K, which are the next major technical targets to the upside.