Bitcoin faces an important milestone in its current cycle – a weekly close above $60,600. Without this, further correction may be necessary. According to a trader known as Rekt Capital, the $58,000 price area could be volatile for the quarter, serving as a base for Bitcoin to initiate an upward movement. However, the weekly timeframe holds crucial indicators. Rekt Capital emphasizes the need for the weekly candle to close above $60,600 to protect the range. Failure to do so could result in the previous support becoming resistance. Bitcoin also needs to reclaim the $56,500 region on the daily timeframe for further price development within the $57,000 to $65,000 range. If all these conditions are met, a new price cluster between $65,000 and $73,000 could form, following the pattern of previous halvings.
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Bitcoin needs a weekly close above $60,600 to avoid further correction
