Bitcoin (BTC) Rejects $68.5k, Showing Signs of Weakness Despite 30% Monthly Recovery

Following a 30% recovery in the past three weeks, Bitcoin scaled through several key resistance levels to reach a new milestone today. It saw a sharp rejection and is now showing signs of weakness on the day.

Bitcoin price scaled through several key resistance levels to reach a new milestone today. However, it saw a sharp rejection and is now showing signs of weakness on the day.

What Happened: Bitcoin added another $5,000 to its price in a week and reached its highest trading level of $68,474 after five weeks of trading. It just rejected this price level and now shows weakness with a 2% decrease in the past few hours.

Despite the slight rejection, the market sentiment is still looking positive as the bulls remain in control. Bitcoin is reaching a crucial trading level after witnessing a steady increase for almost three weeks. As shown on the daily chart, it is almost testing the upper boundary of the four-month falling channel.

Technically, there’s still room for growth. A surge above this channel could bring a test at the May-June high before retracing down. This may form an inverse head and shoulder pattern if the price stays above $66k.

Respecting the channel’s upper boundary could trigger a fresh drop in the market. There are lot of support to watch for a potential retracement but the key level to keep in mind for a rebound is $60,000.

Bitcoin’s Key Levels To Watch

Looking at the 10% weekly gain to reach a new milestone, BTC may advance higher to the $70,118 resistance, located at the upper boundary of the falling channel. A breakout of this channel could send the price straight to $72,000 and potentially $73,777 before rallying hard.

But currently, the price looks weak on the day. A further price drop could slip us back to $66,000. Below it lies $63,861. Lower retracement levels to consider for tests are the $62,000 and $60,000 supports.

Key Resistance Levels: $68,474, $70,118, $72,000

Key Support Levels: $66,000, $63,861, $62,000

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