Phemex Analysis: BTC Testing the $61,500 Support Zone

At the time of writing, BTC continues to drop, now testing the critical $61,500 support zone. A retrospective look at the BTC daily chart reveals several Lower Highs on April 8th, May 21st, and most recently on June 7th. As market enthusiasts are aware, a pattern of lower highs and lower lows indicates bearish momentum.

Fortunately, we have yet to observe a definitive lower low. However, if the price falls below the $61,500 support zone and descends past the previous low of $56,410, we should brace for a potential drop to the $51,000 support zone.

Conversely, if the price holds at $61,500 and rebounds with significant volume, we may anticipate a period of consolidation or accumulation. This could provide BTC with the necessary momentum to challenge the $68,400 resistance zone.

Despite the current retrace, the market retains its bullish posture, and this pullback could be seen as a healthy correction, setting the stage for the next surge to a new all-time high.
The critical question remains: How low might BTC go?

It's crucial to remember that as traders, our role is not to predict the market but to observe objectively and respond accordingly.

Note: Phemex is excited to introduce a highly anticipated feature: Multiple Watchlists. Launching this Thursday, June 27th, it represents the first advanced, fully customizable multiple watchlists feature among all crypto exchanges. Be sure to explore this new tool on our website on June 27th.

Disclaimer: This is NOT financial or investment advice. Please conduct your own research (DYOR). Phemex is not responsible, directly or indirectly, for any damage or loss incurred or claimed to be caused by or in association with the use of or reliance on any content, goods, or services mentioned in this article.

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