15 hours ago
2
Earlier today Bitcoin crashed to $61,400 following $1.61B in liquidations, the majority of which were long positions, before recovering to current levels. The bounce was not accidental. Traders familiar with this price zone from the 2024 consolidation period recognize its significance, and the demand response at $61,400 suggests active defense of the $60,000 area is already underway. The same fight played out in 2024 when Bitcoin spent months battling for this zone before the rally to $126,000.
Key Takeaways
- First monthly close below the 2022 ascending channel support might be pending.
- Monthly RSI testing the 40 floor for only the third time ever.
- Three support references converge within $900 below current price.
- June 30 close could signal us if the channel structure survives.
The Channel: Four Years of Structure Now Being Tested
As we see on the monthly chart, Bitcoin has...
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