Peter Smith
⬤ Bitcoin is sitting at a critical technical junction after carving out a descending wedge pattern on shorter timeframes. The structure has been building for several days through a series of lower highs and lower lows, and now price is knocking on the upper boundary looking for an exit.
⬤ Right now BTC is hovering around $67,000 and keeps bumping into that wedge resistance line. If momentum holds and the breakout actually happens, the technical setup points to a roughly $2,000 move higher. That puts the target right around $69,000, which isn't random - it's a spot where Bitcoin has hit resistance before and sellers showed up.
⬤ What happens at $69K is going to tell the whole story. Getting there is one thing, but staying above it is what actually matters. If price touches that level and immediately gets pushed back down, this turns into just another fake-out instead of a real continuation move. We've seen this movie before in Bitcoin (BTC) Rally Pauses at $70k Amidst Declining OTC Inflows where BTC stalled hard at a major resistance band and couldn't push through.
⬤ The bigger picture is still shifting too. Recent data from Bitcoin Long-Term Holders Restart Accumulation After BTC Drops to $62K-$68K shows how these key price zones often dictate whether the market flips into accumulation mode or distribution. Wedge breakouts like this one tend to mark turning points in short-term momentum, so whether Bitcoin actually holds above resistance or gets rejected will set the tone for what comes next.
Peter Smith
