Over the weekend, Bitcoin once again tried to break through the 70k level, but we're not seeing any acceleration or strong buying pressure. Instead, we're observing selling activity that is blocking any upward movement.
The main stop losses will trigger once 70k is broken. However, the current structure raises doubts: will the price manage to go higher this time, or will it need a pullback to gather new momentum?
The longer the price "stands" at local highs, the fewer chances there are for an upward impulse in this approach. If we look at previous attempts, we can notice that prolonged consolidations at highs usually result in a pullback.
True movements happen quickly and decisively, and if the price stalls, it typically pulls back to gather liquidity and stop losses below. Within a correction, it would be normal to test the 65-65.5k zone. Anything lower poses a risk to the market, specifically the risk of seeing record low prices for the past six months.