Thoughts on BTC holding 60k and next potential moves
Been watching $BTC pretty closely over the last few days, and it's interesting to see how it's behaving around that $60,000 psychological level. We saw a decent bounce off that area, which isn't entirely surprising given the previous support around there on the longer-term charts. However, the follow-through hasn't been as robust as some might have hoped, at least not yet. The volume on this latest leg up seems a bit anemic compared to some of the stronger rallies we've seen recently.
My current scenario involves seeing if BTC can consolidate above $63,000-$64,000 for a few days. If it can hold that higher range, I'd be more confident in a retest of the $67,000-$68,000 resistance. The risk, for me, that invalidates this more bullish outlook, would be a clean break and sustained trade below $58,500. A move under that, especially on increased selling volume, would suggest that the current bounce was more of a dead cat than a true recovery, and we'd likely be looking at retesting lower supports around $55,000 or even $52,000.
I agree, the bounce was there, but the conviction behind it seems a bit lacking so far. I'm curious if the lower volume on this rebound suggests a wait-and-see approach from bigger players, or if we need a stronger catalyst to push it definitively higher.