BTC breaks 1H descending channel, now testing resistance below the $70K zone.
Bitcoin traded at $67,860 on Friday, gaining 1.03% in 24 hours and 2.6% over seven days. Daily trading volume reached $35.6 billion. Price action remains focused on nearby resistance while leverage data shows heavy short positioning.
Traders continue to monitor technical levels at $67,414 and $70,969. At the same time, derivatives data shows a strong tilt toward short exposure, which may influence short-term moves.
Market analyst Man of Bitcoin said,
“Price is still holding support in wave-(2). A break above $67,414 would be the first signal that the pattern may be shifting to the upside.”
On the 1-hour chart, Bitcoin rebounded from $65,136, a level that has acted as support during the recent pullback. The structure shows tight consolidation after the decline from the $71,000 area. The analyst added that “as long as price remains below $70,969 another low remains a possibility.”
If $65,000 fails to hold, downside levels sit at $64,001, followed by $62,526, $61,527, and $60,226. A move above $67,414 would signal early strength within the current structure.
Data shared by CW shows high-leverage short positions at $3.68 billion, compared with $2.00 billion in long positions. He wrote, “High leverage positions in $BTC are dominated by short positions.”
The gap shows traders are leaning bearish in the derivatives market. As price moved toward the $67,700-$68,000 area, liquidation activity increased. If Bitcoin continues to rise, short sellers could face forced exits.
If resistance holds and price turns lower, long positions may come under pressure due to thinner positioning.
However, the break occurred after price moved above the upper boundary of the channel that guided the drop from $71,000.
Bitcoin now faces resistance at $68,331 and $69,241. A move beyond those levels could open a path toward $70,126 and $70,926. If price falls back below the broken trendline, support near $67,000-$66,500 becomes the next focus.
