- Bitcoin Price faces major resistance between $64K and $65K.
- Ascending triangle breakout could push BTC toward $68K.
- Loss of $62K support risks a decline toward $60K.
Bitcoin Price is approaching a critical technical level after multiple failed attempts to reclaim the $64,000-$65,000 resistance zone. Market analysts say a successful breakout could open the path toward $68,000 in the near term. However, rejection at current levels may increase the likelihood of another move toward the $60,000 support area.
Bitcoin Price Forms Ascending Triangle Near Breakout Point
The short-term Bitcoin Price chart shows an ascending triangle pattern on the four-hour timeframe. According to crypto analyst Ted Pillows, Bitcoin is attempting to reclaim the $64,000-$65,000 resistance zone but has failed several times so far. He believes a successful breakout could push BTC toward $68,000, while rejection would likely increase the probability of revisiting the $60,000 area.
Technical analysts often view ascending triangles as bullish continuation patterns. The repeated tests of resistance suggest selling pressure may be weakening. A confirmed four-hour close above $64,000 would validate the breakout structure.
Based on the pattern’s measured move, the Bitcoin Price could advance toward the $68,000-$68,200 range. This target aligns with both Ted’s outlook and a major resistance area visible on higher timeframes.
Bitcoin Price Relies on 200 Week SMA for Trend Support
The broader Bitcoin Price recovery depends heavily on holding the 200-week simple moving average near $62,000. Historically, this level has acted as one of Bitcoin’s most important long-term support zones.
Recent price action has sparked discussion about a potential double-bottom formation. Bitcoin established an initial low near $60,000 earlier this year and has since revisited that region without a decisive breakdown.
If the Bitcoin Price continues to hold above the 200-week SMA, the next major upside target sits near the 20-week SMA around $71,500. Beyond that, analysts are monitoring the $81,800-$82,000 neckline associated with the potential double-bottom pattern.
A confirmed breakout above that neckline would strengthen the long-term bullish case. Some technical projections suggest the Bitcoin Price could eventually target the $115,000-$116,000 range under that scenario.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
