In the weekly chart, the $BTC price shows a bullish breakout of the rounding bottom with a new all-time high formation.
BTC price was trading within a rising wedge in the short term, and hence a minor pullback was expected.
After forming a high near $73,500, BTC broke down from the lower support of the pattern.
In the short term, #Bitcoin experiences a minor setback as evidenced by higher price rejection within the weekly candle.
$BTC must stay above the $67,000 support to start a fresh increase in the near term.
In the 4-hour chart, the BTC price trend breaks under the crucial dynamic support of the 50-EMA.
BTC is currently within the Bearish Flag Pattern on the hourly chart.
The breach of the 78.60% Fibonacci retracement level indicates a significant downturn, suggesting a sell-off.
With the current downfall, the BTC price is potentially heading to the 50% Fibonacci level in the above 4H chart.
As per the Fib levels, the next support levels that could potentially ignite a bounce back are around $65,000 and $62,000.
KEY LEVELS :
RESISTANCE LEVEL : $69,000-$71,000
SUPPORT LEVEL : $65,000-$62,000
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