Share this article
Bitcoin Tops High-Volume Resistance Near $68K: Technical Analysis
BTC has moved past Tuesday's high-volume bearish reversal level.
Updated Oct 16, 2024, 12:16 p.m. Published Oct 16, 2024, 12:05 p.m.
- BTC has moved past Tuesday's high-volume bearish reversal level.
- The breakout shifts focus to resistance at $70,000.
Bitcoin's price on Coinbase has crossed above its high-volume resistance of $67,944 established Tuesday in a sign of strengthening bullish momentum, according to charting platform TradingView.
On Tuesday, the cryptocurrency fell sharply from $67,944 to $65,000 between 14:00 UTC and 15:00 UTC. The volume witnessed during the sell-off was the highest since early September, establishing $67,944 as the key resistance.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
With bulls surpassing that level today, the focus shifts to $70,000 and possibly new record highs, as suggested by the breakout on the "line break chart" Tuesday.
Traders, however, should watch out for a potential bull failure in securing a foothold above Tuesday's high. That might attract selling pressure, paving the way for a test of the rising trendline support closer to $65,000.
As of writing, bitcoin changed hands just above $68,000.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
These Three Metrics Show Bitcoin Found Strong Support Near $80,000
Onchain data shows multiple cost basis metrics confirm heavy demand and investor conviction around the $80,000 price level.
What to know:
- Bitcoin rebounded from the $80,000 region after a sharp correction from its October all time high, with price holding above the average entry levels of key metrics.
- The convergence of the True Market Mean, U.S. ETF cost basis, and the 2024 yearly cost basis around the low $80,000 range highlights this zone as a major area of structural support.
Top Stories
