Technical Analysis: $63,350 Support Holds Firm
Bitcoin has recently reversed up from the critical support area around $63,350, a level that has repeatedly acted as a price pivot since mid-2023. The weekly chart reveals this support zone is reinforced by the lower Bollinger Band and the 61.8% Fibonacci retracement of the upward impulse from mid-2023. This reversal successfully halted the earlier short-term impulsive wave 1, which belongs to the larger weekly downward impulsive wave (C) that began in early 2026.
Market Sentiment and Resistance Target
With the overall cryptocurrency market exhibiting strong bullish sentiment today, the rebound from this multi-layered support has attracted significant buying interest. Analysts believe that given the strength of the $63,350 level, Bitcoin is likely to continue its ascent and test the next round resistance at $70,000. A decisive break above $70,000 could open the door to further gains, while failure may lead to a retest of support.
Broader Market Context
Notably, recent data shows that gold and Bitcoin combined account for 70% of new demo trades on major platforms, reflecting growing interest in these assets as hedges. Meanwhile, El Salvador's ongoing Bitcoin holdings strategy provides additional macro support. The technical setup aligns with positive fund flows, reinforcing the short-term bullish outlook.
Traders should watch the $70,000 level closely. A breakout with volume would likely target higher zones, whereas a rejection could prompt a reassessment of the $63,350 support. This technical analysis does not constitute financial advice; always conduct independent research before trading.