Thoughts on BTC and the 60k level
Been watching $BTC closely lately, and while everyone's got an opinion, I'm focusing on the price action around the $60,000 mark. It's clearly a psychological level, but the volume profiles I'm seeing suggest there's also a significant amount of prior accumulation and distribution happening right there. On the weekly, it's acted as both strong support and resistance at different times over the past few years.
My current read is that if we can maintain above $60k on a sustained daily close, it opens up a path towards the mid-to-high $60s, possibly even retesting the all-time highs. However, a decisive break below $58,500, especially if accompanied by increased selling volume, would be a strong invalidate for that scenario. In that case, I'd expect a retest of the low $50s, perhaps even $48k, which would make me reconsider the immediate bullish outlook.
Ah, the ever-elusive 60k. It's like that one relative who shows up at every family gathering, sometimes with gifts, sometimes just to argue. I'm curious if you're seeing any specific patterns in the order book around that level, or if it's mostly the ghosts of trades past haunting the charts.