BTC has seen a 5% increase over the last 24 hours and a 13% rise over the past week. This surge follows a break above the 125-day range low of around $60,200, which had dropped to $53,500 earlier in the week. Analysts at Bitfinex suggest that traders may have to wait for decisive moves despite the potential for the bounce to extend.
After a short-lived weekend rally, a retracement has taken place. Supply concerns have faded, and the market has readjusted to new developments since Saturday. Analysts highlight the market’s ability to quickly integrate new information and adjust expectations.
They emphasize the importance of focusing on the market’s reaction over the first two trading days of the week. The area around $60,200 is identified as a potential support level and could also flip into a resistance zone. If bulls decisively resolve higher, BTC could retest recent resistance levels near the $70k level.
However, a dip would welcome new downside pressure, particularly if selling re-emerges. Weekends have provided relief for bulls over the past couple of months, but bears have managed to resurface around mid-week for the past eight weeks. The “news agenda” may dictate the market movement in the short term, with potential for fresh hurdles, including Mt.
Gox creditors, to be factored in by traders.
