Bitcoin (BTC/USD) Vulnerable to a Break of $57-60K Support
After a torrid rally though most of Q4 2023 and Q1 2024, Bitcoin has lost its upside momentum over the last 3+ months. Since then, the cryptocurrency has carved out a broad range between $57-60K on the low side and the all-time high near 
73K on the topside.
As traders price in the potential selling of long locked-up supply from the Mt. Gox, BTC/USD could see the bottom of that range come under increasing pressure as we move into July. A confirmed break of 57K would take Bitcoin’s price notably below the short- and medium-term buyers cost basis and could lead to a deeper retracement toward 50K or lower as we move through the summer. For now, a neutral bias is appropriate, but the risks to the downside are growing rapidly.
-MW
73K on the topside.As traders price in the potential selling of long locked-up supply from the Mt. Gox, BTC/USD could see the bottom of that range come under increasing pressure as we move into July. A confirmed break of 57K would take Bitcoin’s price notably below the short- and medium-term buyers cost basis and could lead to a deeper retracement toward 50K or lower as we move through the summer. For now, a neutral bias is appropriate, but the risks to the downside are growing rapidly.
-MW
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.