What's Good Bitcoin? Bottom For Now?
Bitcoin shows vital signs of bottom building—at least on lower timeframes. Looking at the 1H chart, the price entered a sideways channel based on support at 58.9k.
Even on the 4-hour chart, the price is about to enter a consolidation based on the VMA indicator.
Accordingly, I expect a retest of the 61/62k level as the next step if the price enters a VMA uptrend. In case the VMA turns bearish again, a test of the previous low at 57.8k or even 56k becomes likely.
Although the market is rather weak, here's one positive aspect: If Bitcoin reverses here, it creates another higher low. If it continues to follow this structure, the next (mid-term) move should send the price to >66k (see the second attachment).
