Bitcoin’s recovery remains in place as analysts monitor whether BTC can break above $66,200 and extend its move toward $69,000 and higher levels. At the same time, signs of weakening momentum have raised the possibility of a liquidity sweep toward $62,000 before buyers attempt another advance.

The levels are important because both analyses treat the rebound as unfinished but still conditional. A move through resistance would support the case for further upside, while a failure to hold nearby support would keep the recovery vulnerable to another test of lower range levels.

Bitcoin Approaches $66,200 Resistance as Elliott Wave Analysis Tracks Further Upside

Bitcoin may continue rising for another one to two weeks before forming a local top, according to an Elliott Wave analysis from More Crypto Online. BTC is nearing its first major resistance area around $66,200, while higher retracement targets are located near $69,100, $72,100 and $76,600.

BTC daily chart. Source: More Crypto Online/TradingView

The chart shows Bitcoin rebounding from its June low and developing a short-term pattern of higher lows. According to the analyst, the current market structure does not yet offer clear evidence that the rebound has already peaked.

The first resistance level is the 38.2% Fibonacci retracement near $66,233. A sustained move above that area could extend the recovery toward the 50% retracement level around $69,117. Traders often use Fibonacci retracement levels to identify areas where a rebound may pause or meet selling pressure after a prior decline.

If Bitcoin continues higher, the 61.8% Fibonacci retracement near $72,126 would come into focus, followed by a broader resistance zone around $76,638. Descending trendlines above the current price could add selling pressure as BTC moves through those levels.

However, the chart frames the current advance as a possible corrective wave rather than confirmation of a renewed long-term uptrend. A rejection from the resistance zone could restart the broader decline and bring support near $57,000 back into focus.

A deeper breakdown could expose a wider support region between approximately $44,000 and $39,000, although those targets remain conditional. For now, Bitcoin’s rebound remains active, with the $66,200 area serving as the first major test of whether buyers can extend the move.

Analysts Watch $62,000-$64,000 Liquidity Area Before Possible Move Toward $69,000

Bitcoin has continued climbing from its $59,000 range low toward the midpoint near $69,000, but early signs of slowing momentum suggest a pullback could occur first. Analyst CrypNuevo maintains an upside bias while monitoring liquidity between roughly $62,000 and $64,000.

BTC four-hour chart. Source: CrypNuevo/TradingView

The chart shows BTC trading near $65,400 after recovering through the first half of its broader range. Price remains above the rising support structure, although the advance has slowed near short-term moving averages and local resistance.

CrypNuevo said the rising channel could eventually break as momentum shifts. A pullback into the liquidity area would not necessarily invalidate the broader recovery, provided buyers defend that region and prevent a deeper breakdown. In market structure analysis, liquidity zones are watched because stop orders and pending bids can cluster around prior lows, support levels or consolidation areas.

The most important downside level is near $62,000. If Bitcoin holds that area, it could establish another higher low before attempting to resume its move toward the $69,000 midpoint.

However, a loss of $62,000 would weaken the structure and leave limited support before the $59,000-$58,000 zone. That would increase the risk of a faster decline toward the broader range low.

For now, Bitcoin retains an upside bias in the analysis, but the path toward $69,000 may include another liquidity sweep. Buyers would need to defend $62,000 if the market pulls back, while a sustained move above recent highs would strengthen the direct breakout scenario.

Source: https://coinpaper.com/33490/bitcoin-price-prediction-btc-eyes-69000-as-pullback-risk-builds