Bitcoin fell below $60,000 during the previous week, but lower levels attracted buyers attempting to initiate a recovery. BTC remains confined within the $56,552 to $73,777 range, showcasing a strong contest between bulls and bears. Predicting the direction of the breakout remains challenging. Traders usually trade within the range or wait for a clear breakout before taking significant positions. Bitcoin’s decline towards $60,000 has triggered selling in several altcoins.
At the time of writing, BTC was trading at $63,450.
Bitcoin corrected almost 23% from its all-time high and dropped to $56,502. The asset didn’t break the crucial support level of $56,000 and bounced back up to $71,979. However, the bulls did not succeed in breaking the all-time high and the asset struggled to sustain above the $70k mark and the prices corrected to $58,402. BTC did not give a weekly closing below the crucial support level of $60,000 and took multiple support at this level. If it holds and sustains above the $60,000 mark then we can expect the bulls to resume the up move. $67,000 and $73,777 will act as strong resistance for the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $56,000 | $60,000 | BTC | $66,500 | $73,777 |
