Bitcoin's impressive rally earlier in May has hit a roadblock, finding solid support around $60,000 but struggling to break through the $70,000 resistance level. Here's what we're watching:
- Crucial Support Level: Bears are targeting $65,000 as a key support. If BTC falls below this, we could see a retest of the $60,000-$62,000 zone.
- Bullish Outlook: On the flip side, holding above $65,000 keeps bullish hopes alive. A major catalyst could push BTC above the $73,000 resistance.
After dipping to $56,630 at the start of the month, Bitcoin bounced back but is now in a consolidation phase between $60,000 and $70,000. This range has seen strong buying activity.
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