Bitcoin has been trading in a range between $60,000 and $70,000. Here are the key scenarios:
Bullish Breakout:
If the price breaks out above the $71,000 to $73,000 resistance area, it would signal the end of the ranging movement. This breakout could lead to a continuation of the bullish trend.
Bearish Breakdown:
Conversely, if Bitcoin falls below the $58,000 to $60,000 support area:
We might expect a bounce around the $52,000 level or even as low as $47,000.
Bullish Breakout:
If the price breaks out above the $71,000 to $73,000 resistance area, it would signal the end of the ranging movement. This breakout could lead to a continuation of the bullish trend.
Bearish Breakdown:
Conversely, if Bitcoin falls below the $58,000 to $60,000 support area:
We might expect a bounce around the $52,000 level or even as low as $47,000.