Bitcoin’s current price movements are stirring up discussions, as it approaches a key resistance level that could define its next major trend. While the cryptocurrency has shown a short-term upward trend, there is still skepticism about whether this rally will sustain or fizzle out like previous ones. Analyst Josh from Crypto World explains that for Bitcoin to enter a long-term bullish phase, it must break through the crucial $68,000 resistance level.

Short-Term Gains vs. Long-Term Bearish Trend

Over the last six months, Bitcoin has experienced several short-term bullish movements, which led to excitement but didn’t result in sustained rallies. Each upward swing has been followed by a pullback, keeping Bitcoin within its larger bearish trend. The key for bulls is to not only reach $68,000 but to break above it convincingly to signal a shift into a lasting bullish trend.

Josh points out that a breakout above this crucial resistance could propel Bitcoin into a longer-term uptrend that might last months, as opposed to the brief weeks-long rallies seen in the recent past.

Key Resistance and Support Levels to Watch

Bitcoin faces immediate resistance in the $64,000–$64,500 range. A decisive move beyond this level could act as a significant bullish indicator. Multiple daily candle closes above this zone would provide strong confirmation of a breakout, eliminating the risk of a hidden bearish divergence on the charts.

However, should Bitcoin fail to break past this resistance, it might indicate that the recent upward movement is just another short-term rally. In that case, a bearish divergence could unfold, leading to a price drop.

For those tracking Bitcoin closely, here are the key levels to watch:

• Resistance Levels: $64,000–$64,500 and $68,000
• Support Levels: $63,000, $61,900, and a major support zone between $60,200 and $61,200

At the time of writing, Bitcoin is trading just above $63,000, down over 1% in the last 24 hours.

The Road Ahead: Can Bitcoin Break $68,000?

Bitcoin’s short-term outlook remains bullish, but this pivotal moment will determine its long-term fate. If the cryptocurrency can push past the $64,000 resistance with strong confirmation, it could be on the verge of a new bullish phase. This would pave the way for a much-needed breakout above $68,000, potentially a multi-month rally.

However, if Bitcoin falters and fails to clear this resistance, the price may face a significant pullback. Traders and investors should closely monitor support levels, especially around $63,000 and $61,900, to gauge the strength of any downward moves.

Conclusion: Bitcoin at a Crossroads

Bitcoin’s current price action is teetering between a potential breakout and another short-lived rally. The next few days will be critical in determining whether Bitcoin can break above the key $68,000 resistance level, signaling a long-term bullish trend. Failing to do so could see the cryptocurrency retreat to support levels, continuing its struggle within the broader bearish trend.

The Influence of Broader Market Factors

Beyond technical levels, external factors such as macroeconomic trends and regulatory developments could also play a crucial role in Bitcoin’s price trajectory. With the looming U.S. presidential election and increasing regulatory scrutiny, market sentiment could shift rapidly. Additionally, global economic uncertainty and fluctuating interest rates might influence institutional demand for Bitcoin as a hedge against inflation.