BTC nears $68,000, a critical resistance point where recent buyers may sell, potentially halting its 15% July rebound.
Bitcoin approached $68,000, a pivotal resistance level that analysts say could determine the rally’s next direction. The cryptocurrency rose above $66,600 for the first time in over a month, up 15% from early July lows.
The $68,000 zone marks the average purchase price for buyers over the past five months, creating potential selling pressure. It also aligns with Bitcoin’s mid-June high, where a previous rebound failed and dropped to below $58,000.
Trading activity remains subdued, with analysts describing the market as in a ‘summer slumber,’ despite stabilized Bitcoin ETF flows.