Bitcoin's Reversal Hinges on Key $67,200 Level
The Bitcoin price chart is showing signs of a potential reversal, forming an inverse head-and-shoulders pattern. According to TechCharts analyst Aksel Kibar, this setup is the only reason for short-term optimism among bulls at the start of August.
Bitcoin is hovering near $63,382, carefully drawing the right shoulder of the classic pattern. This comes after a heavy decline from May highs above $81,000 and a nervous search for a bottom near $57,000.
Ethereum, on the other hand, has already completed this journey in its pair with Bitcoin (ETH/BTC). It has established itself in an uptrend and is moving toward the technical target of 0.0312, indicating that large capital prefers to park in ETH rather than in BTC.
The situation remains tense for Bitcoin holders as it either follows Ethereum's breakout or validates the bears' views. If the neckline at $67,200 is broken, bears will regain control and send Bitcoin toward the solid support levels at $60,000 and $58,000.