Bitcoin's price action is being closely monitored by traders as it tests a key resistance zone near $68,500. The cryptocurrency has rebounded from levels near $63,000 but remains within a broader sideways structure.
The immediate resistance zone stands between $65,609 and $68,457, with the 100-period EMA on the four-hour chart serving as a technical barrier. A sustained move above $70,600 could open the path toward $72,271, while a breakdown below $60,000 may increase selling pressure.
Traders are also watching for a clear five-wave decline on lower time frames, which could increase the probability of a larger fifth wave lower. However, a five-wave move on a 15-minute chart does not confirm a broader trend change.