$BTC — Structure update. Back at $61K after sweeping February lows.
On Jun 5 I called $59.8K range lows as the next level if $62–63K didn't hold. We got there, Feb lows swept on Friday and made a new low at ~$59.1K.
We bounced hard from there. Rally to $64.2K (almost 9%) over the weekend and are currently retracing to ~$61K.
Two scenarios I am looking at from here:
- Bear case: Lose $60.1–60.3K weekend lows/liquidation cluster → $59.8K range lows get retested.
- Bull case: Hold current level or wick through $60.1–60.3K → bounce to $64.2–64.7K liquidation cluster above.
After a flush this size, a larger bounce is usually the higher probability setup.
Above $64.7K the real resistance begins.
$65.4–66.9K Feb range Point of Control/Value Area Low. That's where the majority of February volume was traded. Not an easy level to push through.
Watching $60.1–60.3K as the immediate line. That decides the next move.
Will keep updating once the market moves.