Bitcoin Update: 58k or 70k?
The cryptocurrency community is eager to determine the next direction of Bitcoin (BTC). Will it drop below 60k, rise to 70k, or remain within the 60k-70k range?
Market Context:
The recent pump to above 60k was largely driven by the ETF market. However, as more buyers entered the market, BTC became overbought and surged to 74k. This was followed by a correction, as BTC returned to its original value around 60k.
Current Update:
While some may think the market has recovered, the current pump is largely due to weekly closing bulls attempting to secure a positive weekly candle close. For a genuine recovery, BTC needs to close above 68,500 or 69,000, as this area has provided significant resistance. Two failed attempts to break through this resistance have resulted in a bearish outlook on the weekly time frame. If the weekly candle closes above 68,500, chances of a recovery increase. Otherwise, we may see a repeat of the previous two weeks' price action or even a drop to 58k.
Currently, BTC is settling into a price correction and retesting support levels.
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