Bitcoin has been volatile since the beginning of October. During this period, BTC reached a high of $66,500 and a low of $58,800 just less than 24 hours ago.
This drop below $60,000 had a huge impact on BTC holders, many of whom were liquidated heavily. In fact, over $107 million was liquidated.
Source: X
This increase in volatility, coupled with current market conditions, raises questions about the future trajectory of BTC. This is why prominent crypto analysts, such as Rekt Capital, have suggested that the leading asset must stay above $60,600 to have any upside potential.
In its analysis, Rekt Capital hypothesized that Bitcoin is retesting the weekly reaccumulation range around $60,600 as support for the second consecutive week.
Source: X
According to this analysis, BTC will register an uptrend if it closes above this level on the weekly chart. Therefore, for any bullish potential to form in the near future, BTC must maintain its price above this range.
However, the analyst also noted that if BTC loses support here, it will mark another bearish divergence phase.
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