While buyers have successfully defended the $58K-$60K support region and established a series of higher lows on lower timeframes, Bitcoin is now approaching a confluence of technical resistance where bullish momentum will face its biggest test since the breakdown from the mid-$70K region.
Bitcoin Price Analysis: The Daily Chart
On the daily timeframe, Bitcoin remains below both the 100-day and 200-day moving averages, which continue to trend lower and maintain the broader bearish structure. Nevertheless, the recent price action has become increasingly constructive.