Why a dip below $60k could signal good news for Bitcoin bulls

  • The exciting season of April and May is making a comeback!
  • Will the bulls hold their ground against the bears as we approach the $60k level?

Bitcoin [BTC] experienced a 7.84% drop on June 24th, shaking up the market. Recent reports suggest that the news surrounding Mt. Gox repayments could intensify the selling pressure on Bitcoin.

Speculations also point to a potential sharp decline in price, with BTC dipping to $58.4k before rebounding to $61.1k currently.

Can Bitcoin maintain its support zone this time around?

Unlocking the Mystery of Range Formation

Bitcoin 1-day Price Chart

Source: BTC/USDT on TradingView

After briefly touching $66.9k, BTC is currently hovering near $59.7k, indicating a potential retest of the $59k-$60k support range soon.

The daily RSI signals a possible recovery as it inches back up after dipping to 25.6, now standing at 30.38.

Despite this positive indicator, the OBV paints a grim picture with a continued downtrend, hinting at persistent selling activity that needs to be reversed for the bulls to regain control.

Navigating the Liquidation Heatmap

Bitcoin Liquidation HeatmapBitcoin Liquidation Heatmap

Source: Hyblock

Despite the strong demand at $59k, current market trends suggest that bears might still have the upper hand. Hyblock’s liquidation data predicts another 10% drop in BTC’s price.

Explore Bitcoin’s [BTC] Price Predictions for 2024-25

Analyzing the 6-month activity, a cluster of long liquidations around $55k indicates a likely magnetic effect, drawing prices towards it before the broader uptrend resumes.

Traders are advised to stay vigilant and consider $55k as a potential buying opportunity rather than a cause for panic.

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