Bitcoin price forms a range between $60K and $65K

While many analysts last week were still calling for Bitcoin to drop towards $30.000. the price is holding above $60.000 and even bouncing. Analyst AltCryptoGems points to a potential range forming between $60.000 and $65.000. a pattern that does exactly what Bitcoin likes best: move sideways. At the moment, Bitcoin is trading around $66.475, up 1.2% in the past 24 hours.

Bitcoin is available at OKX and Bybit.

Downtrend stops, sideways movement takes over

If you zoom out on the Bitcoin chart, the pattern is clearly visible. From the peak in October last year, the price has been consistently moving lower with a series of lower highs and lower lows. But now that downtrend appears to be pausing at least, and the price is moving laterally in a wide channel between $60.000 and $80.000,

According to AltCryptoGems, the price has held the bottom around $60.000 for a few days now, opening the possibility that a range is forming here. That is not necessarily bad news: a range means the free fall stops and the market takes time to consolidate. The 1H EMA200 also plays a role as an important technical boundary.

Two scenarios and what this means for the price

The analyst outlines two direct implications of this potential range. First, the upward movement temporarily stops, meaning that a quick breakout to new highs is not in the cards for now. Second, the $60.000 support acts as a temporary floor level, limiting downside risks. Earlier, we reported that the Coinbase CEO also sees $60.000 as a possible bottom.

But there is also a positive side to this story. If the price actually finds support around $60.000 and does not fall further, this translates into a local recovery. That is exactly what is happening now: Bitcoin breaks above $65.000 and the 1H EMA200, triggering a local rally. Earlier, traders were already aiming for a recovery towards $80.000, the level that serves as the upper boundary of the range on the chart. For those following the bigger picture, it is good to know that long-term holders are barely selling Bitcoin, which adds extra strength to the bottom.