Thoughts on $BTC holding the $60k support
Been watching the $BTC price action closely. The recent retest of the $60,000 level after failing to convincingly break $72,000 has me thinking. There's significant liquidity built up around that $60k zone, and while we saw a decent bounce, the follow-through hasn't been as strong as previous cycles. I'd put the odds of $BTC retesting $58,000-$59,000 within the next two weeks at around 60%, assuming we don't get a significant macro catalyst. The daily RSI is still struggling to get out of the lower end, and the volume on recent pumps has been relatively anemic. A move back to $58k wouldn't surprise me; it'd be a retest of the prior range high and could provide a stronger springboard if accumulation happens there. Conversely, a sustained break above $65,000 with conviction would likely invalidate that bearish short-term outlook.
I'm with you on the weaker follow-through. It feels like the conviction isn't quite there after the bounce from $60k. Do you think the lack of new narratives or institutional inflows is contributing to that, or is it purely a technical consolidation?