Summary
- Ted Pillows said that if Bitcoin fails to hold the $65,000–$66,000 support zone, the likelihood of a deeper correction increases.
- He said that if Bitcoin reclaims $70,000, it could quickly surge by more than 8–10%, and that a V-shaped rebound pattern is forming on the BTC/USD 4-hour chart.
- He said that Bitcoin is retesting a strong resistance zone around $68,000 near the 200-week exponential moving average (EMA), and that whether it breaks through the near-term resistance band could be a turning point for a trend reversal.
Bitcoin (BTC) could post a V-shaped rebound if it recovers $70,000, according to a market view.
On the 13th (local time), crypto-focused media outlet Cointelegraph reported that crypto influencer Ted Pillows said, "If Bitcoin fails to hold the $65,000–$66,000 support zone, the likelihood of a deeper correction increases."
He added, "However, if it reclaims $70,000, it could quickly surge by more than 8–10%," and analyzed that "a V-shaped rebound pattern is forming on the BTC/USD 4-hour chart, and it is retesting the strong resistance zone around $68,000 near the 200-week exponential moving average (EMA)."
Market participants are watching whether Bitcoin can break through the near-term resistance band, as it could become a turning point for a shift in the trend.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
