Bitcoin nears $67K after a 1,800-point swing from $65.2K, testing key resistance as traders target a fourth straight win.
Bitcoin approached $67,000 after a strong upward move of 1,800 points from a recent entry near $65,200.
The advance placed the asset at a local resistance zone, where traders are watching for confirmation of further upside or signs of rejection.
BTC Tests Local Resistance Near $67K
Bitcoin moved higher after long positions were opened around $65,200, according to shared trade updates.
The rally pushed price action close to $67,000, marking a gain of roughly 1,800 points. The move followed a series of range-bound sessions that had formed after a prior bottom.
Market participants are now monitoring a defined resistance level near current prices.
The trader stated that “for that, we have to break through this local resistance.” The statement reflects the technical focus on whether price can close above this area.
Resistance levels often act as barriers when supply increases. Traders typically take profit at such zones while waiting for a confirmed breakout.
If price fails to hold above resistance, short-term pullbacks may occur.
Four Consecutive Wins in Focus
The latest trade follows three prior successful positions shared in recent weeks. The trader described the setup as “the fifth trade in a row” offering a risk-free structure.
Three earlier trades were reported as completed wins, while the current setup could mark a fourth consecutive gain.
Risk management remained central to the approach. The trader noted that setting positions to break-even protects capital.
“Setting risk free is just good practice,” the update said. This method reduces exposure if price reverses near resistance.
The commentary also referenced precision entries at perceived tops and bottoms within the trading range.
Such range trading strategies depend on clear support and resistance zones. As long as the range holds, traders often rotate between buying lows and selling highs.
Related Reading: BTC Shorts Pull Back From $72K as Traders Face the Hardest Part of Trading
Range Formation and Market Structure
The broader strategy has centered on identifying a consolidation range since the recent bottom. The trader stated that the range formation was anticipated “since the exact day of the bottom.”
Range conditions often provide repeated trading opportunities according to astronomer.
In a range environment, volatility remains contained between defined levels. Traders rely on technical signals and volume analysis to confirm entries.
However, breakouts can shift market structure and change trading conditions.
If Bitcoin breaks above $67,000 with sustained momentum, the range may transition into an upward trend.
If resistance holds, price may continue to oscillate within prior boundaries. Market participants are therefore watching for confirmation before increasing exposure.
Source: https://www.livebitcoinnews.com/btc-tests-resistance-after-1800-point-swing-gain/
