Bitcoin attempted to initiate a recovery rally this week but faced significant selling pressure as it approached the $67,000 mark. The dominant crypto, boasting the highest market capitalisation, is poised to conclude the week with a minor decline of approximately 2%. Bitcoin has remained within a narrow range of $59,600 to $73,777 for an extended period, reflecting a state of indecision among investors regarding the next directional move. Adding to the near-term pessimism is the trend of net outflows observed in spot Bitcoin exchange-traded funds. It was reported that a net outflow of $218 million from these ETFs on April 25, following a $120 million outflow the previous day.
At the time of writing BTC was trading at $62,652.
After making the new all-time high of $73,777, Bitcoin witnessed a sharp correction and the prices fell almost 19% and dropped to $60,775. The asset took support at the key level of $60,000 and bounced back to $72,797. However, the bulls failed to break the all-time high and the prices again corrected to $59,600. BTC has a strong support at $60k. 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 $60,000 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 |
