Bitcoin Gears Up to Reclaim $70,000—If It Breaks This Level, $72,000 Next

▲ Bitcoin (BTC) / ChatGPT-generated image

Bitcoin (BTC) is attempting a rebound after confirming strong support at the $63,000 level. However, breaking through the heavy resistance zone near $67,000 is expected to become a watershed moment for the upcoming trend.

According to cryptocurrency outlet NewsBTC on February 25 (local time), Bitcoin has halted its recent decline to $63,000 and is now attempting to stabilize above $64,000. Buying pressure successfully pushed the price above the 100-hour simple moving average, securing short-term recovery momentum. Bitcoin also broke through a key downward trend line formed around $65,200, offsetting a significant portion of the bearish pressure.

From a technical perspective, Bitcoin has surpassed the 23.6% Fibonacci retracement level measured from the swing high of $69,923 to the low of $63,025. Nonetheless, it faces strong resistance around $66,000 and $66,500, with the $67,200 zone—where the 61.8% Fibonacci retracement level is located—identified as the critical battleground for bulls. Analysts suggest that a decisive break above this level is necessary to confirm a transition into a full-fledged rally.

If Bitcoin successfully breaks above the $67,200 resistance zone, the next target is projected at $68,000. Should upward momentum accelerate, the cryptocurrency could once again test the psychological $70,000 mark and potentially extend gains toward $72,000 in the medium term. A breakout accompanied by increased trading volume and changes in open interest will be key.

Conversely, if Bitcoin fails to surpass the $66,500 resistance and turns lower, $64,200 is expected to serve as the first line of defense. If this support level collapses, the price may retest the $63,000 low, and failure to hold that zone could intensify selling pressure, potentially pushing Bitcoin down to $61,200 or, in a worst-case scenario, the $60,000 level.

Bitcoin is currently laying the groundwork for a rebound as it overcomes technical obstacles, with market participants closely watching the $67,200 breakout point. Key indicators such as the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are gradually signaling a shift toward bullish territory, suggesting a favorable short-term outlook. As buyers and sellers remain locked in a tight battle, a significant influx of trading volume will be required to establish a clear direction.

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