Bitcoin price hovers around $60.000 with risk of decline to $55.000

The Bitcoin price has been moving in a narrow range of $2.000 to $3.000 around the $60.000 level for nearly a week. Analyst TedPillows signals that there is a liquidation hunt underway and states that Bitcoin must first reclaim $62.000 before there is room for a meaningful upward movement. On the downside, $58.000 serves as a crucial threshold.

Bitcoin is available at OKX and Bybit.

Bitcoin Remains Stuck in Narrow Range

At the moment, the Bitcoin price is trading around $59.800, a drop of approximately 0.9% over the past 24 hours. The price has been moving sideways for days, which TedPillows describes as a liquidation hunt: traders are being stopped out on both sides of the market as the price moves back and forth without choosing a clear direction.

On the daily chart, clear support and resistance levels are visible. Around $64.400 there is a strong resistance zone, while the price is currently struggling to stay above $60.000. It was previously noted that Bitcoin needs to break the $61.000 and $65.000 levels for a structural recovery.

Two Scenarios: Recovery or Further Decline

According to TedPillows, there are currently two clear scenarios. If Bitcoin manages to reclaim the zone around $62.000, room opens up for an upward correction towards higher resistance levels. The chart shows that $66.800 and $70.670 are the next relevant zones where selling pressure may occur.

The downward scenario is less rosy. If Bitcoin loses the $58.000 level, the analyst considers a further decline towards $55.000 to $56.000 plausible. The recent pressure on the price fits this pattern, with support levels having been definitively broken earlier. A strengthening dollar also plays a role in the persistent downward pressure on Bitcoin.

The coming days are therefore decisive. As long as Bitcoin does not rise above $62.000, the market remains in uncertainty and the risk of a further correction increases.