Which one do you think is likely to happen on $BTC ?
Based on the current market conditions and trends you've been observing, here are a few scenarios that could play out for $BTC:
1. **Holding Above $60,000**: If Bitcoin maintains support above $60,000, this could signal a continuation of the uptrend, possibly leading to a retest of the $61,200 resistance. If it breaks through this resistance, a move toward higher levels could occur, potentially reaching $63,000 or higher.
2. **Short-Term Bearish Trend**: If Bitcoin falls below the $60,000 support level, it might indicate a short-term bearish trend. In this case, the next key level to watch would be $58,800, which was your previous target after a rejection at $61,200. A break below $58,800 could lead to further downside, possibly testing $55,000 or lower.
3. **Supply Shock**: Given the record low exchange reserves, a supply shock could drive up prices if demand increases. This scenario could push $BTC to new highs, especially if market sentiment remains bullish.
Considering these possibilities, I think the next move will largely depend on whether #Btc can hold above $60,000 or if it drops below that level, triggering a potential bearish trend. The likelihood of each scenario depends on upcoming market events and sentiment shifts.
