Bitcoin technical outlook
From a technical perspective, Bitcoin remains under pressure despite showing tentative signs of stabilisation following its recent sell-off.
Bitcoin bearish scenario
Should Bitcoin fail to defend its recent 22-month low at $57,748.80, another wave of liquidation could emerge, exposing support around the mid-August-to-mid-September 2024 lows at $57,526.43-to-$56,148.93. Failure there may trigger a sell-off to the September 2024 trough at $52,600.25.
Bitcoin bullish scenario
Provided Bitcoin manages to hold above its current July low at $57,748.80, a recovery towards former support levels around the psychologically important $60,000 region could develop. A sustained break above the May-to-July downtrend line and move above subsequent resistance at the 22 June high at $65,564.66 would strengthen the argument that an interim bottom has formed and could pave the way for a broader recovery.
Short-term outlook: bearish while below the 27 June high at $60,868.80
Medium-term outlook: bearish while below the 22 June high at $65,564.66