After Bitcoin broke below the 65,000 dollar area it find itself back at the important $60,000, a very important structure area on Bitcoin for Bitcoin to maintain its bullish bias, bearing in mind price breaking below this area does not mean expect much lower prices however it may do and investors and traders need to be aware of this.
Right now is not a time to assume Bitcoin will break this area, why because Bitcoin is still in a strong uptrend and only a break below this area, a confirmed break below would it suggest that prices may go lower, potentially down to mid to low 50k areas. We will assess that if that happens however for now, price is testing within a very strong support area, an area I expect over the next few days for the bulls to try to defend.
Above chart showing Bitcoin testing the the $60,000 dollar area, a bullish area on this market where potentially the bulls may hold pushing prices back to the mid $65000 dollar price area.
