Bitcoin Evening Analysis

Bitcoin has just broken out of a downward correction pattern. After retesting and confirming support, it has started to rebound. Currently, it is stuck at the key resistance level of 68,505. This level has failed to be broken twice, and the third attempt will directly determine the short-term trend.

Bullish outlook: If we can see a volume-supported steady hold above 68,505, the rebound will officially begin. The first targets are 69,287 and 70,173, with potential to reach around 70,957. To achieve a proportional rally up to 70,793, two strict conditions must be met—retreats must not fall below 65,627, and the price must break through the resistance zone of 68,311 to 69,273, both are essential.

Risk considerations: If 68,505 cannot be broken through again, a pullback is highly likely. As long as it does not fall below 66,744, the market remains controllable; once broken, the support at 65,210 will be hard to defend. If the 4-hour level drops below 67,416, the next targets are 66,320 to 65,858.

$BTC Trading strategy: A volume-supported breakout above 68,341 can be followed for long entries. Conversely, a volume-supported breakdown below 67,355 with a failed rebound can be shorted, but be sure to set stop-losses.

Tonight’s 9:30 PM PCE data is a key variable. If the data is positive, Bitcoin is likely to surge along with the market, potentially breaking the 70,000 mark and even reversing trend. If the data falls short of expectations, the market will probably oscillate and decline.

Overall, the short-term bull-bear dividing line for Bitcoin is clear: 68,505 is the core resistance, and 66,744 is the support bottom line. With data and technical signals resonating, tonight’s volatility will be significant. Keep a close eye on these key levels.