$BTC : Why is 72,000 a strong resistance?

72k is acting as a strong resistance because it’s the retracement level of the trendline that previously broke down around that zone. Price often revisits such breakdown areas before deciding the next major move.

There’s also a falling wedge structure forming, and its projected target is coming near 72k, which adds confluence and makes the level more important.

If 65k holds as support and we don’t get a 4-hour candle closing below it, then there’s a high probability that price will push toward 72k this time.

However, if 65k breaks down, then the next likely move could be toward the 200 MA area 📉

BTCUSDT

Perp

66,092.1

-1.77%

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