Bitcoin Resistance Test ? for BYBIT:BTCUSDT by The_Alchemist_Trader_
Bitcoin is approaching a major resistance zone around $66,350, an area that carries significant technical confluence. This level aligns with the 0. 618 Fibonacci retracement and a previous swing high, making it a likely location for sell-side liquidity to accumulate. As price pushes into this region, there is an increased probability that buyers will drive the market slightly higher to sweep liquidity resting above the highs before sellers step back into the market. Rather than expecting an …
Bitcoin is approaching a major resistance zone around $66,350, an area that carries significant technical confluence. This level aligns with the 0. 618 Fibonacci retracement and a previous swing high, making it a likely location for sell-side liquidity to accumulate. As price pushes into this region, there is an increased probability that buyers will drive the market slightly higher to sweep liquidity resting above the highs before sellers step back into the market. Rather than expecting an immediate breakout, traders should monitor how price reacts once this resistance is tested. A rejection from the $66,350 level would reinforce the idea that the current rally is primarily a liquidity grab rather than the beginning of a sustained bullish expansion. This would also confirm that higher-timeframe sellers remain in control, increasing the likelihood of another rotation back toward support. For the bullish outlook to strengthen, Bitcoin must produce a convincing break and close above this resistance zone, followed by acceptance above the previous swing high. Without that confirmation, the market remains vulnerable to another rejection. As long as Bitcoin continues to trade below $66,350, the broader outlook favors continued range-bound price action. Traders should remain patient and allow the market to confirm whether this resistance is being reclaimed or simply used as a liquidity sweep before the next move lower. DisclaimerThe information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in theTerms of Use.