Bitcoin Surges Past $69,500 vs Plunges to $65,000… Must Hold Support to Rebound

▲ Bitcoin (BTC), U.S. Dollar (USD)

Bitcoin (BTC) is testing key support levels and seeking direction after failing to break through the psychological resistance of $70,000, with its ability to achieve a technical rebound likely to determine whether it faces further declines or stages a rally.

According to crypto-focused outlet NewsBTC on February 17 (local time), Bitcoin recently underwent a corrective pullback after failing to secure a position above the $70,000 resistance zone, but it has defended the $67,500 support level and is showing a modest recovery. Senior market expert Aayush Jindal noted that Bitcoin has regained the $68,500 level, building upward momentum, and is trading above the 100-hour simple moving average. However, an hourly chart shows a descending channel with resistance forming near $69,550, making a breakout above this level a key short-term objective.

Jindal analyzed that Bitcoin briefly slipped below the 50% Fibonacci retracement level of the move from the $65,072 low to the $70,935 high, but strong buying interest emerged around $67,400. Currently, Bitcoin is attempting a technical rebound above the $68,800 mark. If the price can firmly hold the $68,200 support level, it is likely to make another attempt to break through the $69,500 resistance and potentially extend its upward momentum.

If an upside breakout materializes, the first target is expected to be around $70,500. Jindal projected that a close above the $70,500 resistance could pave the way for further gains toward $71,200 and potentially $72,000. Subsequent major resistance levels are anticipated at $72,200 and $72,500. Technical indicators also paint a constructive picture, with the Moving Average Convergence Divergence (MACD) accelerating in bullish territory and the Relative Strength Index (RSI) holding above the 50 level, signaling positive momentum.

On the other hand, failure to surpass the $69,500 resistance could invite additional downward pressure. Jindal warned that $68,000 will serve as immediate support in the short term, and a break below this level could push the price down to the 61.8% Fibonacci retracement level at $67,400. Further downside support is seen at $67,000 and $66,000, and if the final psychological stronghold at $65,000 collapses, the short-term recovery trend could be completely invalidated.

The broader digital asset market is likely to see altcoins follow Bitcoin’s lead depending on whether it can reclaim the $70,000 level. Jindal emphasized the importance of closely monitoring changes in technical indicators during periods of heightened market volatility. Investors are advised to confirm the defense of support levels and the timing of resistance breakouts while maintaining conservative capital management and preparing thoroughly for real-time price fluctuations.

*Disclaimer: This article is for investment reference purposes only and the publisher is not responsible for any investment losses incurred based on it. The content should be interpreted solely as information provision.*