Bitcoin Tests Key Resistance as Price Recovery Continues

Bitcoin's price recovery continued on August 10 as it traded near $65,100-$65,300, pressing against the critical pivot zone. The cryptocurrency has been steadily recovering from its capitulation low of $62,235 reached on August 1 and is now testing a key resistance level.

The weekly close above $65,000 marks the first time Bitcoin finished a week above this level since late July. According to the chart analysis, the current price action indicates a potential breakout or pullback toward $64,000 support. The indicators are mixed, with short-term overbought conditions but a broader uptrend intact.

Analyst Crypto Michael predicts a major bullish breakout, citing a Head and Shoulders Top pattern with a yellow support line at approximately $65,000. He believes the current consolidation is a shakeout before a larger move higher.