Bitcoin Primed for Upward Move as Key Reversal Zone Strengthens Bullish Outlook

• Bitcoin may face a pullback if it fails to hold support near the $65,000–$66,000 range, according to CryptoBullet.
• Critical Fibonacci levels suggest potential reversal near $65,500, while deeper support sits at $64,000 and $60,600.
• Bearish signals in MACD and RSI suggest increased selling pressure, with $64,000 as a pivotal support zone in coming days.

CryptoBullet recently highlighted Bitcoin’s short-term outlook as it trades near potential reversal points. According to CryptoBullet, Bitcoin could face a pullback if critical support levels don’t hold in the $65,000–$66,000 range. Notably, support zones could determine if Bitcoin continues its bullish trend or dips lower.

Key Fibonacci Levels and Reversal Zone

CryptoBullet’s chart analysis identifies key Fibonacci retracement levels, with $65,500 being a significant “Reversal Zone.” Positioned near the 0.382 retracement, this level could attract buying interest, potentially sustaining Bitcoin’s upward momentum if buyers step in. 

However, if Bitcoin’s price fails to hold at this level, it might head toward deeper retracement points. The 0.5 retracement level sits near $64,000, while the 0.618 level, close to $60,600, marks another significant support range. Analysts view these zones as crucial for determining if Bitcoin’s trend remains bullish or if it will experience further correction.

Technical Indicators Signal Market Conditions

The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) provide additional insights. The RSI currently reads 54, indicating neutral conditions but with signs of weakening bullish momentum.

Meanwhile, a bearish crossover in the MACD suggests increasing selling pressure, with the histogram showing negative values, hinting at potential downside if the trend persists.

Market Outlook: Consolidation or Further Pullback?

While Bitcoin’s price consolidates within the $64,000 to $72,000 range, support and resistance remain critical. A potential move above $70,292 could indicate renewed buyer strength, while a drop below $64,000 might signal further downside, with $60,600 as a likely support level. Should the bearish trend indicators hold, Bitcoin could test lower boundaries in the short term.