Take a look at the larger chart frame, where the market has been stuck in this zone for the last 197 days, with very strong support and resistance levels. Bitcoin (BTC) keeps bouncing off this support and getting rejected by the same resistance.
Right now, Iâm expecting the market to bounce back from this zone, but I'm waiting for a bit more confirmation. However, if this support breaks, BTC could drop to around 49k-52k, which isn't necessarily bad news, because after hitting that low, a bull market is expected.
At this point, it's all about patience!
