Bitcoin price heading towards new local high above $68.000?

The Bitcoin price is currently moving around $64.000 and analysts are closely monitoring short-term developments. Analyst CrypNuevo shares a scenario where acceptance above $64.500 paves the way to a new local high. He indicates that the price action on the lower time frames is difficult to read, but focuses on a specific level that could be decisive in the coming days.

Bitcoin is available at OKX and Bybit.

Local resistance as key zone

According to CrypNuevo’s analysis, the Bitcoin price is currently just below a local resistance zone around $64.500, This level is visible on the chart as a horizontal orange line. As long as Bitcoin does not close convincingly above it, the situation remains uncertain.

The analyst says he leans slightly towards a bullish scenario in which Bitcoin breaks through this resistance level. A confirmed break above $64.500 would, in his view, open the door for further gains towards a new local high. Earlier, Blockchainstories wrote about the possibility that the BTC price could rise above $67.000.

Higher time frames point to $68.700 as target

On the higher time frames, CrypNuevo outlines a scenario where Bitcoin, after a breakout, rises towards $68.700, He marks that level as an “HTF resistance mid-range”, a resistance zone in the middle of a larger price range. The chart shows that the expected move may first include a local dip before the rally begins.

It is important to note that this is just one possible scenario. CrypNuevo himself states that the current price action is difficult to interpret. Investors would do well to wait for confirmation above the $64.500 level before drawing conclusions. Meanwhile, the broader market context continues to play a role, as Bitcoin ETFs are facing significant outflows this year. At the moment, Bitcoin is trading about 0.2% higher over the past 24 hours at $64.164,