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Bitcoin Outlook: Is 60k the Bounce Zone or a Trap Door to 50k?
The weekly chart shows that bitcoin futures slid 53.5% from the October high to just shy of 60k in only 17 weeks. Naturally, this has pushed the RSI into oversold territory, although it is not always the best timing tool for a reversal. Still, there are clues that bitcoin could hold above 60k for the foreseeable future — even if an eventual break beneath it remains on the table as prices eye 50k or the high-volume node (HVN) at 47,145. The recent swing low has an elongated lower wick, which stalled a cats whisker above 60k before recouping around half of the week’s losses, and closing just below the 200-day week ... (full story)
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