Bitcoin Rebound Test: Can Bitcoin Break Above $67,200?
Bitcoin is currently facing a crucial test as it attempts to confirm a short-term reversal. According to technical charts, bitcoin has formed the right shoulder of an inverse head-and-shoulders pattern near $63,382.
The key to this rebound attempt lies in breaking above $67,200, which is considered the neckline of the pattern.
Bitcoin's recent price action has been a steep fall from its peak above $81,000 in May, but it has recently shown signs of finding a bottom near $57,000. If buying momentum fails to push bitcoin strongly up to $67,200, the reversal pattern could be invalidated.
Ethereum, on the other hand, is seen as a step ahead in this zone. On the ETH/BTC pair, a similar reversal-bottom pattern has already broken higher, and ethereum is firming an uptrend while moving toward the technical target of 0.0312.