Bitcoin Bounces Back from $60K Low, Targets $74,500 Resistance This Week
Weekly Bitcoin Price Analysis
The situation has changed rapidly! Last week, the price of Bitcoin plummeted through both the $70,000 and $60,000 thresholds but eventually stabilized at around $60,000. The bulls made a comeback from this low point to push the price up to approximately $71,700 before it slightly retracted to end the week at about $70,315. The bears had a significant impact on prices last week; thus, bulls will aim to regain some territory in this upcoming week. It is anticipated that support at the $60,000 mark will hold firm for now.
Current Key Support and Resistance Levels
Following such a substantial drop last Thursday, we need to identify new resistance levels moving forward. In the short term, keep an eye on the level of $71,800 after it was rejected there between Friday and Saturday. Above this lies the 0.382 Fibonacci retracement level from recent declines at around $74,500. If Bitcoin can surpass this threshold successfully,$79 ,000 is expected to act as strong resistance thereafter while an even higher resistance level sits firmly at around$84 ,000.
If we look below current prices,the bulls will strive to maintain support near$65 ,650 in hopes of initiating a reversal here.$63 ,000 serves as immediate support just beneath that point.Next up is our newfound support level established at$60 ,000 which hovers above 0 .618 Fibonacci retracement located lower down at$57 ,800 .Arguably,true support rests more solidly here with potential dips being front-run by reaching that$60 K low.If we break below these levels,we may find ourselves looking towards$44 K for further backing followed by another significant threshold of$39 K resting along 0 .786 Fibonacci retracement nearby.
This Week’s Forecast
The MRI Indicator provided us with a buy signal last Friday based on daily charts stemming from lows seen near the $60K mark.The rebound was robust enough that bulls must capitalize on this momentum if they wish for continued upward movement throughout this week.This signal has potential for complete reversals but often leads only into brief corrections lasting between one-to-four candles within prevailing trends.Should bullish forces sustain their push heading into Wednesday,a sustainable reversal could be possible which might seek out reclaiming levels nearing the $80K range.
Market Sentiment: Bearish – Last week’s losses were considerable; bears are currently dominating proceedings without question.
The Coming Weeks
The bears drove prices down significantly once again last week.As weekly RSI reached oversold conditions resulting in notable rebounds following such dramatic drops coupled with sharp recoveries beginning from those lows observed around$text{ } text{ } 6}0text{ } text{ }00,it seems likely we’ll see constrained trading ranges maintained over coming weeks.Don’t expect any major fluctuations beyond boundaries set above$text{ } text{ }80text { }] or beneath$text { }] [ ]{mathbb R}^+_6}{mathbb R}^+_8}{(50)}.{mathbb R}^{-1}_{5}]{3}.{2}endfor**2*}overline{underline{cdots}}overline{{|}|}}(90)endfor*endfor**4*. .
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