Bitcoin steadied near $67,910 on a 15 minute BTCUSD chart shared by More Crypto Online, after a sharp drop that flipped a key level from support into resistance. The analyst wrote on X that the rebound “so far” counts as a three wave move higher, which often signals a corrective bounce rather than a clean trend reversal.
Bitcoin turns former floor into resistance as rebound stalls
The chart shows $BTC sliding from earlier highs and then snapping back off a local low, but price action still sits below the former breakdown area. As a result, the rebound runs into a dense resistance cluster marked by Fibonacci levels, with the first band spanning roughly $68,173 to $70,789 and intermediate lines near $68,927 and $69,689.
Bitcoin BTCUSD 15 Minute Chart. Source: More Crypto Online/TradingView
At the same time, the downside map highlights a lower retracement zone that starts near $65,984 and extends toward $62,611, framing where buyers previously stepped in during the rebound. For now, the market trades between these two measured areas, and therefore the next test centers on whether $BTC can reclaim the resistance band or drifts back into the lower support region.
Bitcoin slips below 200 week moving average as cycle structure resets
Bitcoin’s weekly chart shared by X user Rekt Fencer shows price trading back below the 200 week moving average, a level that has acted as a long term trend filter across prior cycles. The post argues that dips under this average marked accumulation zones in past market phases, while rallies above it defined broader uptrends. The chart maps two earlier cycles where Bitcoin fell below the red 200 week line, formed rounded bases, and later resumed multi month advances after reclaiming the average.
Bitcoin / U.S. Dollar Weekly Chart. Source: Rekt Fencer on X/TradingView
The visual places the 200 week moving average as a rising curve under price, with past troughs forming beneath it before longer recoveries followed. In the 2022 to 2023 period, price compressed under the average, built a base, and then crossed back above it as the next trend leg developed. The current structure mirrors that setup on a structural level, with price again positioned below the long term average and a rounded recovery path sketched by the analyst.
At the same time, the right side of the chart shows the market rolling over from a prior peak and moving back toward the long term mean. This shift reframes the trend from expansion to reset, while the moving average now defines the level that must be reclaimed to signal a broader trend change. Until that happens, the weekly structure reflects a corrective phase within the wider cycle.