BTC has now completed a sharp correction from the highs and reached the $60k-$61k demand zone that we've been tracking for weeks.
Price briefly wicked below support before buyers stepped in, showing the first meaningful reaction after days of continuous selling.
Key Technical Points
Ascending channel breakdown played out as expected
Major supports at $73.8k, $70.8k and $65.8k failed
BTC is now testing the last major support zone
A strong hold here could trigger a relief rally
Levels To Watch
Support: $60.2k
Resistance: $62.8k
Major Resistance: $65.8k
The market is at a decision point. Bulls need to defend this zone; otherwise, the next leg down remains a possibility.
NFA | DYOR
Price briefly wicked below support before buyers stepped in, showing the first meaningful reaction after days of continuous selling.
Key Technical Points
Ascending channel breakdown played out as expected
Major supports at $73.8k, $70.8k and $65.8k failed
BTC is now testing the last major support zone
A strong hold here could trigger a relief rally
Levels To Watch
Support: $60.2k
Resistance: $62.8k
Major Resistance: $65.8k
The market is at a decision point. Bulls need to defend this zone; otherwise, the next leg down remains a possibility.
NFA | DYOR
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.