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.