Until then, the price remains below a key technical barrier, leaving Bitcoin vulnerable to further weakness if buyers cannot generate stronger momentum.
On the downside, the chart highlights the 0.618 Fibonacci retracement near $57,825. That level represents the clearest support shown on the chart. A move below it would weaken the current recovery attempt and could expose Bitcoin to a deeper correction.
Daan said he is continuing to accumulate Bitcoin gradually while keeping additional capital available in case prices fall further. He also said he does not expect Bitcoin to trade meaningfully below about $40,000 unless an unexpected market shock occurs. That level reflects his longer-term outlook rather than immediate technical support shown on the chart.
For the near-term outlook, Bitcoin first needs to reclaim $65,000 and then break through the $72,000 to $74,000 resistance zone to provide stronger confirmation of a bullish reversal. A loss of the $57,825 support level, however, would increase the risk of additional downside.
Bitcoin Traders Focus on $60,000-$61,000 Support and $65,000-$66,000 Resistance
Bitcoin is trading between two well-defined technical zones, leaving the middle of the range vulnerable to choppy price action. EliZ said the areas around $60,000 to $61,000 and $65,000 to $66,000 are the levels worth watching for a clearer trading signal.
Bitcoin 12-Hour Chart Shows $60,000 Support. Source: EliZ (@eliz883) on X
The 12-hour BTC/USDT chart shows Bitcoin near $62,736, roughly midway between support at $60,000 to $61,000 and resistance at $65,000 to $66,000. That leaves BTC in what EliZ considers a noisy part of the range, where false moves can make direction harder to confirm.
The chart also shows Bitcoin falling below a rising trendline that had guided the rebound from the late-June low. That break weakens the short-term recovery structure, although BTC has not yet reached the lower support zone.
EliZ is therefore waiting for price to test one of the range boundaries before looking for confirmation. Around $60,000 to $61,000, a brief move below support followed by a reclaim could indicate that sellers failed to force a sustained breakdown. A clean break below the zone followed by a failed attempt to recover it would instead strengthen the bearish case.
The same logic applies near $65,000 to $66,000. Bitcoin would need to break through the resistance zone and then hold it on a retest to provide stronger evidence of a bullish shift. The chart also shows a descending trendline approaching that area, adding another technical barrier for buyers.
Until Bitcoin reaches one of those extremes, EliZ sees little value in trading the middle of the range. A confirmed move around $60,000 to $61,000 or $65,000 to $66,000 could provide a clearer signal for BTC's next directional move.
