Bitcoin surged 11% on Thursday evening, recouping its losses from earlier this week and retracing most of its weekly decline. But the world’s largest cryptocurrency is not yet out of the danger zone, according to chart analysts.$BTC

Bitcoin continues to test a critical resistance level this week, coming off one of the most volatile periods of the year. After falling below $50,000 on Monday, Bitcoin is now trading just above $60,000, paring its weekly loss to 3%, according to data from Coin Metrics.

“Bitcoin was clearly oversold after it broke $53,000 on Monday, so there’s some relief now,” Ron Ginsberg, a chart analyst at Wolfe Research, said in an interview. “It’s always important to see how an asset reacts to an oversold situation because that’s the essence of it.”

Ginsberg noted that if Bitcoin breaks past the current resistance level, it could test $70,000, paving the way for new all-time highs. However, he warned that if the rally stalls and Bitcoin fails to stay above $60,000, it could retest this week’s lows. In a worst-case scenario, Bitcoin could fall to $40,000.

Bitcoin has fluctuated between $55,000 and $70,000 this year after pulling back from all-time highs above $73,000. This week, Bitcoin traded around $56,500, a level that should be maintained on a weekly close basis, according to Will Tamplin of Fairlead Strategies.

“Our medium-term indicators for Bitcoin are pointing lower, so we expect a deeper pullback to around $51,500,” Tamplin told CNBC. He also added that while Bitcoin’s cyclical uptrend continues, the longer-term momentum is slowing due to its corrective phase.

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