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Bitcoin faces key test at $67,200
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Bitcoin faces key test at $67,200

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  • Bitcoin (CRYPTO:BTC) traded near $63,382 as an inverse head-and-shoulders pattern formed on its price chart.
  • Analyst Aksel Kibar identified $67,200 as the neckline Bitcoin needs to break to confirm the reversal pattern.
  • Kibar’s analysis suggests failure to reach the neckline could put $60,000 and $58,000 support levels back in focus.

Bitcoin (CRYPTO:BTC) traded near $63,382 as analyst Aksel Kibar identified a possible inverse head-and-shoulders reversal pattern.

Bitcoin previously fell from May highs above $81,000 before searching for a bottom near $57,000.

Kibar described the pattern as the main reason for short-term optimism among Bitcoin bulls at the start of August.

His analysis identified $67,200 as the neckline Bitcoin must break to confirm the potential reversal pattern.

Kibar said failure to challenge $67,200 could return attention to support around $60,000 and $58,000.

Ethereum (CRYPTO:ETH) had already broken higher against Bitcoin from a similar reversal pattern when the report was published.

Ethereum was also retesting $1,875 against the US dollar, with the report identifying $2,163 as a possible upside target.

At the time of reporting, Bitcoin price was $63,124.42.

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