Bitcoin’s recovery remains active as analysts watch a breakout above $66,200 for a move toward $69,000 and higher. However, weakening momentum could trigger a liquidity sweep toward $62,000 before buyers attempt another advance.
Bitcoin Could Extend Gains for Two Weeks as $66,200 Test Nears
Bitcoin may continue climbing for another one to two weeks before forming a local top, according to an Elliott Wave analysis from More Crypto Online. $BTC is approaching its first major resistance near $66,200, with higher retracement targets extending toward $69,100, $72,100 and $76,600.
$BTC daily chart. Source: More Crypto Online/TradingView
The chart shows Bitcoin recovering from its June low and forming a short-term sequence of higher lows. The analyst said the current structure does not yet provide clear evidence that the rebound has reached its peak.
The first resistance sits at the 38.2% Fibonacci retracement near $66,233. A sustained break above that level could extend the recovery toward the 50% retracement around $69,117.
Further gains would place the 61.8% level near $72,126 in focus, followed by the broader resistance zone around $76,638. Descending trendlines above price could add selling pressure as $BTC moves through those levels.
However, the chart treats the current rise as a possible corrective wave rather than a confirmed return to a long-term uptrend. Rejection from the resistance zone could restart the broader decline and bring support near $57,000 back into view.
A deeper breakdown could expose the wider support region between approximately $44,000 and $39,000, although those targets remain conditional. For now, Bitcoin’s rebound remains active, with $66,200 acting as the first test of whether buyers can extend the move.
Bitcoin Eyes $69,000 but Liquidity Sweep Could Come First
Bitcoin continues climbing from its $59,000 range low toward the midpoint near $69,000, but early signs of weakening momentum raise the risk of a pullback first. Analyst CrypNuevo maintains an upside bias while watching 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 if buyers defend the region and prevent a deeper breakdown.
The most important downside level sits near $62,000. Holding that area could allow Bitcoin to establish another higher low before resuming its move toward the $69,000 midpoint.
However, losing $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, but the path toward $69,000 may include another liquidity sweep. Buyers must defend $62,000 if the market pulls back, while a sustained move above recent highs would strengthen the direct breakout scenario.