Bitcoin Prepares for Bullish Continuation: Key Signs of Consolidation

To maintain a bullish outlook, BTC/USD ideally needs to close above 71460 on the weekly chart. Failure to do so would indicate consolidation at current levels within the range of approximately 73800 and 60000 until a significant break above or below that range occurs. The significant retracement observed today does not bode well for bullish sentiment in my opinion, potentially increasing the likelihood of further consolidation. Please note that this is not financial advice. Exercise caution and refrain from risking real money based on any information provided by us.

BTC/USD continues to trade within the range of 73,800 and 60,000. A recent daily low was breached, with price action respecting the potential support at 60,000. The next target could be the relative equal highs above 71,500. If Bitcoin breaks out decisively from this range, there is potential for a significant rally supported by the recent halving event. Please note that this is not financial advice. Do not risk real money based on any information provided here.