Bitcoin Needs Weekly Close Above $60,600 to Avoid Further Correction

Bitcoin (BTC) is currently in its deepest pullback of the current cycle, approaching a 26% retracement in 46 days, according to recent video According to a trader identifying himself as Rekt Capital, the $58,000 price range could be volatile throughout the quarter, which would serve as a starting point for BTC to begin its upward move.

“We’re still trying to break that base. We’re capturing liquidity at lower prices, so we need buyers to be attracted to the market, to buy into the market, to attract that buying pressure at lower price levels to initiate a reversal back above $58,800,” the trader explained.

Bitcoin Quarterly Candlesticks. Image: Rekt Capital/TradingView

However, the weekly time frame still contains important signs that need to be observed. Rekt Capital has pointed out various accumulation ranges formed in this cycle, all of which had their support broken briefly as traders sought liquidity. However, the weekly candle closed within the range each time.

“So it’s really important that the price, monthly or at least weekly, closes above $60,600 before the weekly candle closes. By the end of the week, we need to see Bitcoin close above $60,600 on a weekly candle to essentially protect that range,” he added.

Notably, if Bitcoin fails to do so, the previous support will turn into resistance. Then, a race will begin for the next two weeks in which BTC will have to overcome the $60,600 resistance and stay above it.

Additionally, on the daily time frame, Bitcoin is reaching lower areas below its usual clusters. Rekt Capital highlights that BTC needs to reclaim the $56,500 area convincingly to gain further price development in the $57,000 to $65,000 price range.

Bitcoin daily chart (annotated). Image: Rekt Capital/TradingView

If Bitcoin can meet all these requirements, a new price cluster could form in the higher range between $65,000 and $73,000. Thus, the pattern of previous consolidation halvings followed by a parabolic upward move could come into play.

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