Bitcoin has stabilized around $67,910 on the 15-minute BTCUSD chart shared by More Crypto Online, following a sharp decline that transformed a crucial support level into resistance. According to the analyst’s commentary on X, the current rebound appears to be a three-wave upward movement, which typically indicates a corrective bounce rather than a definitive trend reversal.
Former Support Now Resistance as Bitcoin’s Recovery Hits Obstacles
The chart illustrates Bitcoin’s price dropping from earlier highs before bouncing off a local low; however, it remains below the previous breakdown zone. Consequently, this recovery encounters significant resistance clustered around Fibonacci retracement levels. The primary resistance range lies between approximately $68,173 and $70,789 with intermediate barriers near $68,927 and $69,689.
Bitcoin BTCUSD 15-Minute Chart. Source: More Crypto Online/TradingView
On the downside, there is an identified retracement area beginning near $65,984 extending down to about $62,611—zones where buyers previously entered during earlier rebounds. Currently trading within these boundaries means that Bitcoin’s next critical test will be whether it can break back above this resistance cluster or fall back toward lower support levels.
Bitcoin Drops Below 200-Week Moving Average as Market Cycle Resets
A weekly chart of Bitcoin shared by X user Rekt Fencer reveals that its price has slipped beneath the 200-week moving average—a key long-term trend indicator used in previous market cycles. Historically dips below this average have marked accumulation phases while rallies above signaled sustained uptrends.
The chart highlights two past cycles where Bitcoin fell under this red line but eventually formed rounded bottoms before resuming extended upward moves after reclaiming it.
Bitcoin / U.S. Dollar Weekly Chart. Source: Rekt Fencer on X/TradingView
This moving average acts as an ascending curve beneath price action; prior troughs developed below it followed by longer recoveries afterward. Between 2022 and 2023 prices compressed under this level forming bases before crossing back over as new trends emerged—currently we see similar structural patterns with prices again positioned underneath and an anticipated rounded recovery outlined by analysts.
The right side of the weekly chart also shows momentum fading from recent peaks heading toward this long-term mean value—a shift signaling transition from expansion phase into reset mode for market structure overall. Until Bitcoin reclaims its position above the moving average line decisively,the weekly setup suggests ongoing corrective dynamics within broader cycle context.