Bitcoin Price Analysis: BTC/USD at Risk of Breaking Key $57-60K Support

Bitcoin's Upside Momentum Fades

After a torrid rally though most of Q4 2023 and Q1 2024, Bitcoin has lost its upside momentum over the last 3+ months. Since then, the cryptocurrency has carved out a broad range between $57-60K on the low side and the all-time high near 73K on the topside.

Potential Pressure on Bitcoin's Price

As traders price in the potential selling of long locked-up supply from the Mt. Gox, BTC/USD could see the bottom of that range come under increasing pressure as we move into July. A confirmed break of $57K would take Bitcoin’s price notably below the short- and medium-term buyers cost basis and could lead to a deeper retracement toward $50K or lower as we move through the summer. For now, a neutral bias is appropriate, but the risks to the downside are growing rapidly.

-MW