A quick look at the weekly chart of the king of cryptocurrencies, $BTC.
Bitcoin's price is moving in a consolidation range between strong support at $60,000 and key resistance at $70,000. This range tests traders' patience, but often precedes a significant move in the direction that is broken.
Key points on the chart:
* Resistance: The $70,000 level represents a strong psychological and technical barrier. Breaking above and sustaining above it could pave the way for new highs.
* Support: The $60,000 level has proven to be crucial support in recent months. Any pullback to this level may be a buying opportunity.
* RSI Indicator: The Relative Strength Index (RSI) is currently swinging in neutral territory, reflecting the current balance between buyers and sellers.
Summary:
Watch for a breakout or breakdown of these key levels. Breaking above $70,000 may confirm the resumption of the uptrend, while breaking below $60,000 could lead to a deeper correction.
What scenario do you expect? Share your opinion! 🚀 or 📉?
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