BTC rose by over 8% this week, indicating that lower levels continue to attract buyers. Typically, in a range-bound market, traders buy near the support and sell close to the resistance. This suggests the price may climb to the top of the range at $73,777. However, surpassing this level could prove challenging. Analysts are currently divided on Bitcoin’s next directional move. Some believe the correction is over and that Bitcoin is poised to break out to a new all-time high. Conversely, others anticipate that Bitcoin might turn down to retest the $60,000 support level, potentially moving lower. This divergence in opinions highlights the uncertainty and mixed sentiment in the market, making the next few trading sessions crucial for determining Bitcoin’s trajectory.
At the time of writing, BTC was trading at $66,700.
Bitcoin witnessed a sharp correction after making a new all-time high of $73,777 and the prices fell almost by 23.35% and dropped to $56,552. Though the asset broke the psychological level of $60k it did not give a weekly closing below $60,000 as it took support at the key level of $56,000 and rallied up to $67,700. On a daily time frame, BTC is consolidating and trading from $67,500 to $60,000. The asset has a strong resistance at $67,500 and $73,777 whereas $60,000 and $56,000 will be a strong support for the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $56,000 | $60,000 | BTC | $67,500 | $73,777 |
