Bitcoin is attempting to print higher highs after a week of pressure and consolidation. Though buyers are not fully in the equation, the failure of sellers to push through is technically supportive of the uptrend. Overall, buyers of Q1 2024 still have a chance but have a long way to go before this is actualized. Since prices are within the bear bar of June 24, every attempt high and below $63,000 may offer entries for sellers targeting $60,000 and $56,800.

Following gains over the weekend, Bitcoin is up 3% in the past day but stable in the last week. At the same time, trading volume is low, averaging over $20 billion in the past day. Since engagement is highly correlated to prices and general market confidence, gains above $66,000 could spark demand. Before then, conservative traders can stay on the sidelines in the short to medium term.

Traders and HODLers should track the following Bitcoin news today:

• Amid the recovery over the weekend, open interest is rising, accompanied by encouraging participation. Most importantly, from a technical perspective, prices remain above $60,000, and bears of June 24 weren’t confirmed.
• Based on on-chain data, there are now more buyers than sellers in the perpetual futures market. What this suggests is that traders are increasingly banking on bulls to press on, soaking in the recent wave of lower lows.

Bitcoin Price Analysis

BTC/USD is bearish, even with gains over the weekend.

As long as prices are inside the June 24 range, every high below $66,000 might offer entries for aggressive traders to dump, targeting $60,000 and $56,800. This preview holds from an effort-versus-result perspective.

This will only change should there be a follow-through of yesterday’s gains, pushing prices above $66,000.

However, if sellers flow back, reversing gains, the probability of Bitcoin dumping below June lows will be elevated.

Any drop below $56,000 opens up BTC to $50,000.