- Bitcoin approaches critical $67,400 resistance amid tightening consolidation
- Analyst signals breakout potential as pressure builds near ceiling
- Daily indicators show cooling momentum within broader corrective phase
Bitcoin is nearing a critical technical point as traders track a resistance level that may define its next move, and according to crypto analyst Ali Martinez, Bitcoin remains confined within a descending channel on the 30-minute chart. He identified $67,400 as the level that must break to confirm renewed upside momentum, while recent price action shows lower highs forming along a downward sloping trendline.
Meanwhile, buyers continue defending support near the bottom of the channel, and this tightening structure reflects growing compression in the market. Consequently, traders anticipate a potential volatility spike once price escapes the range, as repeated tests of $67,400 indicate mounting pressure on sellers. Each rejection appears weaker than the last, which may suggest declining supply, but the pattern remains valid until price closes decisively above resistance. Failure to break higher could push Bitcoin back toward $66,100 or even $65,100, where support has recently held firm.
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Daily Chart Signals Broader Pressure on Momentum
The daily chart adds broader context to the ongoing consolidation seen on lower time frames, as Bitcoin continues trading below the upper Bollinger Band near $78,500, signaling fading upside momentum. Meanwhile, the middle Bollinger Band sits close to $70,200, highlighting an area that now acts as overhead pressure and reflecting a market that has slowed after recent upward movement. Recent price action shows Bitcoin drifting closer to the lower portion of the Bollinger range, with the lower band near $61,800 representing an important support zone if weakness continues. Consequently, the daily structure suggests that Bitcoin remains in a corrective phase within a wider trading range while momentum gradually stabilizes.
Source: Tradingview
Momentum indicators also support this balanced outlook, as the Relative Strength Index currently sits in the low 60s, indicating mild bullish momentum without signaling overbought conditions. Additionally, the RSI trend has cooled after earlier strength, aligning with the present consolidation phase across time frames. This broader picture highlights a market that lacks strong directional conviction, and a confirmed breakout above $67,400 could strengthen momentum while continued rejection may extend consolidation across multiple time horizons.
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