Bitcoin Price Prediction: A Make or Break Moment for BTC?

BTC's long-wick rejection suggests prolonged consolidation

• Speculations of a pump-and-dump are circulating among Bitcoin due to uncertainty over the upcoming Fed interest rate decision.

• #Bitcoin price maintains support above $68,500, consolidating for a potential push above $70,000 resistance.

• After a bearish reversal last week, the price trend of $BTC is currently testing the support trendline of the ongoing recovery rally.

• Market sentiment indicates a potential bullish comeback, signaled by an inverted head and shoulders pattern.

• The resistance trendline acts as the neckline of the inverted head and shoulders, suggesting a potential bullish breakout and the start of a new bull run.

• #Bitcoin has engaged in sideways trading over the past three weeks, resulting in the formation of flag patterns.

• According to Coin Gabbar analysis, A bullish breakout from the resistance trendline of the flag pattern on the daily chart would suggest a continuation of the bullish rally.

• Failure to breach the $70,000 resistance could lead to a decline in Bitcoin, with initial support levels at $68,000 and $65,000.

KEY LEVELS :

RESISTANCE LEVEL : $70,800-$72,000

SUPPORT LEVEL : $68,200-$67,000

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