Bitcoin is still trading around $59,850 and, to be honest, not much has changed since the weekend.
The market is still stuck between two key levels.
$59k-$59.5k remains the major support zone.
As long as Bitcoin continues defending that area, the range is still intact.
But the level I'm far more interested in is $61k.
Until Bitcoin can reclaim $61k with convincing spot volume, I struggle to see this as anything more than a relief rally inside a broader range.
If we lose $59k, I'd expect downside momentum to build quite quickly, with liquidity sitting lower in the high $58k region.
If we reclaim $61k, then I'll happily reassess. That would be the first real sign that buyers are taking back control.
As for today, I don't think there's a major catalyst the market is waiting on. This feels like a day where the chart matters more than the headlines.
Right now, Bitcoin is simply waiting for its next move. The question is which side of the range breaks first.
The market is still stuck between two key levels.
$59k-$59.5k remains the major support zone.
As long as Bitcoin continues defending that area, the range is still intact.
But the level I'm far more interested in is $61k.
Until Bitcoin can reclaim $61k with convincing spot volume, I struggle to see this as anything more than a relief rally inside a broader range.
If we lose $59k, I'd expect downside momentum to build quite quickly, with liquidity sitting lower in the high $58k region.
If we reclaim $61k, then I'll happily reassess. That would be the first real sign that buyers are taking back control.
As for today, I don't think there's a major catalyst the market is waiting on. This feels like a day where the chart matters more than the headlines.
Right now, Bitcoin is simply waiting for its next move. The question is which side of the range breaks first.