Technical analysis of Bitcoin
Bitcoin is going through a "critical" phase where the range of $60,000-$62,000 represents the last line of defense and the barrier separating stability from further collapse.
Key technical points:
Strategic support ($60,000-$62,000): A historical demand area and a breakeven point for investors (holders for 1.5 to 2 years). Breaking it means a sharp downward wave, while maintaining it means the start of "accumulation".
Price structure: The overall trend leans negative after breaking the $75,000 support, and the price is currently in a sideways fluctuation between $69,000-$70,000 (resistance) and $60,000-$62,000 (support).
Strong resistance: The levels of $75,000-$77,000 stand out as a major obstacle to regaining the upward trend, while the range of $85,000-$90,000 represents a potential selling area for investors looking to exit at the rebound.
Market condition: Exhaustion on the selling side is met with weakness in buying momentum, leading to a "volatile and tight" movement in the price range awaiting a decisive break.
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