Bitcoin’s price continues to consolidate above $60,000. Bulls eye this target on breakout

Bitcoin’s price continues its near-term pullback consolidation, but $60K is holing up nicely, which is a positive signal. If this level fails, we could see downside momentum towards $58.3K to $53K, likely triggered by liquidations and panic-selling.

It is very important to see the $60K level hold as support and for the price to close above $63.7 to form a higher high.

There’s a larger cup and handle pattern that continues to make progress. Closing above $63.7K and $64.8K will help complete the handle. This would ideally lead to a technical breakout above the previous all-time highs.

The Elliot Wave count suggests the latest impulse wave higher has finished sub-wave three at $66.K, where the recent pullback is forming sub-wave 4.

Sub-wave 5 is likely to send BTC towards $70k to $80k, which are the next major targets to the upside. There continues to be strong technical and on-chain support between $58.3K to $53K in case BTC closes below $60K.

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