BITCOIN → Why did it drop to 60K? When do we expect 75K?

BTCUSDT has been showing bullish prospects all week and has been consolidating above key zones, preparing to go higher, but on Friday the market changed to bearish and there is a reason for that.

BTC lost 3.3% on Friday and is currently painting a bearish picture. There are two reasons for this:

• Inflation related news, basically proving that inflation is still high at 3.3-3.5%
  
• Expiration of contracts for 1.15 billion. Put / Call ratio amounted to 0.64. Maximum pain point at the 62000 level. Liquidation of huge volume and consequently bearish momentum.
  

Technically, everyone is interested in one important question - when will the correction end?
Bitcoin continues to consolidate and collect liquidity at the expense of buyers. The market can test the key zones: 59300, 56500 and even there is a probability of testing 52900. But, the growth needs reasons and traders are still in the waiting phase.
The confirmation of the end of the correction, at the moment, will be the breakthrough of 64500-67500 and price consolidation above these zones. In this case, the global sentiment will change to a strong bullish one

Resistance levels: 61500, 64500, 67250
Support levels: 59300, 56500

Consolidation continues and at the moment the price is heading towards support. A false breakdown of one of these areas is possible before further growth.

Regards R. Linda!

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Yorum:

The market is testing 61K

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There is a neutral structure on H1. The market is in consolidation inside the range. Bulls and bears are not yet defined within the Local perspective

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Preconditions for the formation of the "descending wedge" pattern are beginning to appear. This pattern is bullish in most cases, because this pattern is often a figure of change of local trend (local - bearish (correction phase), global trend - bullish)
Two phases:
- while the price is inside the range, consolidation is formed
- breakthrough of one of the boundaries moves the market to the realization phase

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Consolidation continues. The price is testing the level of 61580. If the level is broken and consolidation is formed above, BTC may head towards 63400

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Very strong bullish candle on W1

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Buyers don't give up. The price returns beyond 61500 and forms a false breakout
Impulse and retest of 62700 is formed

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Bitcoin continues to recover

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Consolidation in the 61000-62000 boundary continues

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The market is testing 64500. It's a strong level.
If the price consolidates above 64500, the local downtrend will be broken and the price may head towards 67K

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Bitcoin is testing 66400

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Important area 67250. We are waiting for the retest of the level.
Further, we should watch the price reaction at 67250.
Consolidation above this level will be a prerequisite for further growth

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A correction is forming.
If buyers keep the price above 64500-65K, it will be a positive sign

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There are preconditions for possible price fixation above 65K
Waiting for growth to 67K

NB!
Breakout of 67200 will give impetus to 70K

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Bitcoin closes strong on Friday
The confidence is that the coin is ready to go higher on a breakout of 67200