Bitcoin (BTC) battled US sellers at Monday’s Wall Street open amid mixed feelings over the short-term BTC price outlook.
Key points:
Bitcoin price targets include a $60,000 drop as well as a recovery amid uncertain moves.
Bitcoin attempts to absorb repeat rounds of selling into the TradFi trading week.
US tariffs remain the key macro catalyst on the radar.
Bitcoin outlook splits with BTC in “tricky place”
Data from TradingView showed rangebound market moves focusing on $66,000, with BTC/USD down around 2.5% on the day.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
US weakness compounded an already bearish start to Monday, with sell-side pressure clearly in evidence at the weekly open.
“$BTC flushed 4.5K in one move,” crypto analyst IT Tech, a contributor onchain analytics platform CryptoQuant, wrote in his latest market commentary on X.
IT Tech described current price moves as indicating “confusion,” warning that the day’s $62,250 lows could come in for a retest.
“The long cluster at 64.2K got partially swept. If 65K fails, we retest it. Support: 65K → 64.2K / Resistance: 66.5K → 68.7K,” he summarized.
Binance BTC/USDT 15-minute chart with order-book liquidity. Source: IT Tech/X
Trader Jelle eyed a potential sweep of the $60,000 mark should bulls fail to build a foundation in the current narrow range.
Others were more hopeful. Commentator Exitpump flagged an ongoing tentative recovery in the Coinbase Premium as an early sign that conditions might improve.
“We had aggressive spot buying, but it stopped for now, funding is negative and Coinbase premium is almost back. Tricky place, but I am bullish here,” Exitpump told X followers.
Binance Bitcoin futures market data. Source: Exitpump/X
Crypto trader, analyst and entrepreneur Michaël van de Poppe had similar feelings on the day.
“Pretty good wick on the markets for $BTC,” he wrote about the local lows.
“That would be a signal that this won’t continue to fall, however, it still needs to hold above $65K and get continuation in the coming days to clearly signal this. First steps are great.” BTC/USDT 12-hour chart…...
