Bitcoin (BTC) has been wrestling with the critical resistance level of $60,600, a threshold that could define its short-term trajectory. Top analyst Rekt Capital highlighted in his newsletter the significance of this level, noting that Bitcoin’s ability to reclaim it as support is crucial for future price action.
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CME Gaps Close as Bitcoin Navigates Key Support
Last week, Bitcoin filled a CME Gap that had formed in its price action. Moreover, a smaller gap emerged within the larger one, which was subsequently filled as well.
These closures coincide with a critical area that Bitcoin needs to reclaim – the $60,600 level, which represents the Range Low of the ReAccumulation Range.
Rekt Capital notes that Bitcoin has yet to provide a clear signal on whether $60,600 will serve as new resistance or support.
The cryptos Weekly Close below this level suggests it could become resistance. However, early-week price action shows Bitcoin still contending for a reclaim of this crucial point.
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Show more +Technical Milestones Achieved
Despite the uncertainty surrounding the $60,600 level, Rekt Capital highlights two technical achievements. First, Bitcoin managed to secure a Weekly Close above $55,737, a level previously identified as important.
Second, there are early signs of a potential Higher Low forming, although this development is still in its nascent stages.
These technical feats may prove instrumental in Bitcoin’s efforts to reclaim $60,600 as support and fully reestablish itself within the ReAccumulation Range.
The analyst emphasizes that the Weekly Close above $55,737 holds more significance than the potential Higher Low at this point.
Read also: Popular YouTuber Warns Solana Holders: ‘We’re Getting Closer’ – SOL Price Prediction
Current Market Performance
Per data from CoinGecko, Bitcoin is trading at $59,190.15. The crypto has seen a 0.91% increase in price over the past 24 hours and a more substantial 6.06% gain over the last week. The daily trading volume stands at $35,877,793,513, indicating robust market activity.
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