#BTC - Why is everyone emphasizing the importance of holding the 60-61K level, including myself, other accounts on Crypto Twitter, and various YouTubers? Let me simplify it for you using only high-timeframe analysis:

On the monthly and weekly charts (refer to the images below), this level represents the fundamental support zone. It is also the monthly chart level that led to the all-time high on the monthly close in 2021. Over the past five months, this level has consistently acted as support and resistance. Therefore, it is critical to maintain this level on a weekly or monthly closing basis. Should we lose this level, there is minimal support below until the 50s to high 40s range.

Furthermore, on the daily chart, it serves as a crucial support level, reflecting multiple bounces.

Dropping below this level would not only indicate a fall beneath the macro support zone but also a decline below several important weekly chart levels, such as the bull market support band and the Pi cycle center lines—levels that are typically not lost in a bull market.

If we lose these levels at this stage of the cycle, it will be unprecedented, as we have never encountered this environment before. Historically, Bitcoin has experienced a regular bear market only after a regular bull market. If we top here, we will enter an unpredictable period where historical predictability is lost, leaving us in uncharted territory.

I hope this explanation sheds some light on why the 61K level is so crucial. With the weekly and monthly closes approaching in three days, we must see the price close at least above 61K. A weekly close below 61K will very likely result in an extended correction down to 50K or potentially even lower.

#eth #sol #link #pyr #kas #icp #ens #jasmy #ordi #altcoins #mkr #apt #ltc #pepe #floki #daddy
#BTC