Last week, Bitcoin experienced a sharp decline, falling below the $70,000 and $60,000 levels. However, it stabilized around $60,000, which acted as strong support. Following this low, the price rebounded to $71,700 and closed near $70,315 at the end of the week. Bears had considerable success pushing prices down, but bulls are now attempting to regain some of the losses. The $60,000 level is expected to remain a solid support throughout this week.
After recent volatility, attention is shifting to new resistance levels. In the short term, the $71,800 mark is notable as a point where the price reacted. Above this, $74,500 represents a significant resistance based on Fibonacci retracement. If Bitcoin manages to break this level, it could target $79,000, with $84,000 also serving as a strong resistance in the future.
On the downside, bulls will try to maintain support at $65,650 to strengthen the reversal trend. Further key support levels lie at $63,000 and $60,000, with the latter coinciding with the 0.618 Fibonacci retracement. A breach below $60,000 could lead to a drop toward $44,000, followed by potential support near $39,000.
A technical indicator, the Momentum Reversal Indicator (MRI), signaled a buying opportunity at the $60,000 low last Friday, which was followed by a price rally. If bulls sustain this momentum, Bitcoin may attempt to retest the $80,000 level. Nevertheless, the overall market sentiment remains bearish, favoring sellers.
In the coming weeks, the likelihood of Bitcoin falling below $60,000 or rising above $80,000 appears low, suggesting the market may stabilize within a narrow trading range.
Source: bitcoinmagazine
