Market situation and future outlook 🔍

Bitcoin has been stuck in a range between $56,500 and $73,777 for some time now. Recently, there was an attempt to push BTC below $56,500 on news of the German government selling Bitcoin and the Mt. Gox scam exchange payouts starting in July. However, buyers stepped in and defended this support level 📊

On the technical side, BTC has strong support between $56,552 and $60,000. A break below this level could see it fall as low as $50,000. The RSI has also touched "oversold" levels for the first time since August 2023.

🐮 In short, the bulls need to protect the $60,000 support zone and break above $64,883 to start a bullish trend. If they can't hold support, we could see a deeper correction and re-test of the $56,500 level.

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