WHAT HAPPENED?Last week, our correction scenario played out.
After Bitcoin dropped to the nearest support at $62,000, trading volumes surged sharply. The price failed to consolidate below this level, which led to renewed upward movement.
However, the upside target near $65,900, where major volume was concentrated, was not reached. Instead, a local sideways range began to form below resistance.
WHAT WILL HAPPEN: OR NOT?The local trend remains bearish. Bitcoin is currently testing support, but the buyers’ response looks weak.
It is also worth noting the $63,800–$64,100 resistance zone, formed by abnormal clusters above the current price. The market will most likely react quickly when approaching this area. Selling pressure also remains visible in the delta, which has been declining for almost the entire week.
The main scenario is a continuation of the downward movement, a break below the local range low, and a test of the upper boundary of the $58,400–$61,000 support zone, where the highest volumes are concentrated.
If the price reaches the $63,800–$64,100 zone and shows a clear rejection, short positions may be considered. Long positions only make sense after consolidation above this area followed by a retest from the other side, or if a strong reaction forms at support.
IMPORTANT DATESSee the comments below 👇
*This publication does not constitute financial advice. Make decisions based on your own experience.
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