Bitcoin once again rejected from $68.3k (Monday Low) yesterday to confirm that this is still an area of major resistance. After BTC retested $65k, we saw 2 consecutive 4hr candles close above $65.7k so we can assume 4hr support in this area. Today we have the US CPI data release, so I will be monitoring the market for a break of range if we see volatility, or opportunities to enter trades at support or resistance.
BTC is facing very clear 4hr resistance at $68.3k (Monday Low.) I am still looking for 4hr acceptance above $68.3k to give more confidence of a push towards $70k. All the time that BTC is trading below the Monday Low, a sweep of $65k is still a possibility. For now the price is moving sideways but I am actively looking for opportunities.
We shouldn't overlook the fact that we saw a 4-hour acceptance below $68.3k (Monday's low). Right now, I'm focused on the price reaction when this $68.3k level gets retested. If it gets reclaimed convincingly, we could see momentum building toward $70k. On the flip side, a bearish rejection at the $68k zone remains on my radar, potentially opening the door for a drop toward $64k.
Bitcoin still appears to be in a period of consolidation, which is normal after such a violent move last week. The Monday Range this week is $68.3k - $71.4k, and so far this morning BTC is just moving along the bottom of this zone. If $68.3k holds then we can assume a move back towards $71k, but if there is 4hr acceptance below this then $66-$65k is definitely possible.