Bitcoin Tops Out at $68,965: Correction Risk Skyrockets
CryptoQuant analyst STA Solutions warns that Bitcoin has entered a short-term topping zone, increasing the risk of a price correction over further gains.
The rebound target range is set at $62,541 to $67,894, with a more specific peak zone at $66,317 to $68,965. If the rebound extends, Bitcoin could still rise toward $70,000.
However, technical indicators show the uptrend losing momentum. The moving average convergence divergence (MACD) has been making lower highs, and the relative strength index (RSI) has entered overbought territory. Trading volume has continued to decline over the past six weeks of the rebound.
The next downside target is $51,336, about 21% below the current price. If Bitcoin first rebounds to $70,000 and then declines, the correction could widen to about 26%.