Despite initial signs of recovery, Bitcoin’s momentum faltered this week, indicating that bearish sentiment persists. While bulls staunchly defended the $59,600 level, attempts to breach the 20-day exponential moving average ($62,650) proved unsuccessful. This stalemate underscores the intense tug-of-war between buyers and sellers. With Bitcoin poised to conclude the week with a loss exceeding 4%, attention turns to the critical $60,000 mark. The longer the price hovers around this level, the higher the risk of a potential downside breakout. Nonetheless, analysts maintain optimism regarding Bitcoin’s trajectory in the post-halving cycle, offering hope amidst the current market volatility.
At the time of writing, BTC was trading at $62,652.
After making the new all-time high of $73,777 (on 14th March), Bitcoin witnessed a sharp correction and the prices fell almost by 23% and dropped to $56,552. The asset took support at the key level of $56,000 and bounced back to $65,500. BTC has strong support at $60k and $56k. If it holds and sustains above this level then we may expect the bulls to resume the up move whereas if the prices close below $56,000 then we may see further downfall. To witness a rally BTC has to break, close and sustain above the previous high of $73,777.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $56,000 | $60,000 | BTC | $67,500 | $73,777 |
