Bitcoin analysis sees $68K support as gold slips at key $5K level

Bitcoin consolidated recent gains in the face of blanket skepticism over its rebound, while gold threatened to give up $5,000 support.

Bitcoin (BTC) circled $74,000 after Tuesday’s Wall Street open as skepticism increased over BTC price strength.

Bitcoin stalls after a trip to $76,000, with short-term targets including a retreat to $68,000.

Traders stand by the long-term bear market thesis for BTC/USD.

Gold continues to show weakness, risking the loss of $5,000 per ounce support.

Data from TradingView showed cooling BTC price volatility after a run to new six-week highs of $76,000 to start the daily candle.

This proved unsustainable as heavy resistance sent BTC/USD lower, leading to concerns of a fakeout for Telegram channel Technical Crypto Analyst.

“Bitcoin is trending upward inside a rising channel and approaching the $74K–$79K resistance zone; while structure remains bullish above the trendline, a rejection from current levels could trigger a pullback toward the $68K support area,” it wrote on the day.

Traders stayed wary, doubling down on existing doubts about the fate of Bitcoin’s relief rally.

“Still nothing on HTF that suggests the bear market has bottomed. No divs, no volume at lows, no reversal pattern, etc,” trader Roman wrote in his latest analysis on X, referring to higher time frames.

Roman argued that market participants were “hyping up” a comparatively modest uptick in price, and that history demanded a longer bear market.

On the latter point, trader Jelle agreed, pointing to the 0.618 Fibonacci retracement level as a key price point.

“Every bear market has been shallower than the one before it - but all of them have happened well below the 0.618 retracement, after months of boring sideways PA,” he told X followers. 

Macro conditions were cooler compared to the start of the week. US stocks continued a modest rebound, while WTI crude oil remained below the $100 per barrel mark.

Related: Bitcoin sparks ‘bull trap’ warning after BTC price rejects at $76K

Gold, however, teased a breakdown from $5,000 support, retesting that level for the third consecutive day.

Calls for Bitcoin to steal the spotlight from the precious metal thus grew louder.

“Stand by for the outperformance of the decade,” crypto analyst James Easton commented on the weekly BTC/XAU chart.

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Source: CoinTelegraph