Usman Salis
⬤Bitcoin has stabilized after holding the $68,000 support zone and bouncing back toward $71,000. The daily chart shows BTC reacting from a key demand area, with price now pushing into a mid-range resistance level. The structure reflects a higher low following a prior higher high, which means the bullish market structure remains intact on the daily timeframe.
⬤Multiple horizontal supply and demand zones are visible on the chart, with $68,000 serving as the level where buyers stepped in decisively. BTC is now testing $71,000, a zone that previously acted as resistance. As covered in Bitcoin Holds $65.9K Support Zone After 0.786 Fib Retest, the $71,000 to $68,000 band has been a critical area where traders look for base confirmation before continuation.
⬤A higher low after a higher high is a classic bullish continuation signal, but BTC still needs to clear resistance before the next leg higher can develop. This dynamic mirrors the pattern explored in Bitcoin Stuck in $60K-$71K Range: Will BTC Break Out Soon?, where liquidity builds within the range before a decisive move. The potential breakout path is further outlined in Bitcoin Eyes $71K Reclaim for AVWAP Test at $71,700, where clearing resistance could trigger a continuation toward $71,700.
⬤Bitcoin is currently in a key consolidation phase. Structure remains constructive, but confirmation is still needed. A successful reclaim of $71,000 would open the door for further upside, while failure to hold $68,000 would put the near-term bullish case at risk. The reaction at this resistance level will likely set the direction for the next meaningful move.
Usman Salis
