$BTC

Yesterday, Bitcoin touched its key daily support level during the day's trading session. However, the day closed with a notably strong bearish candle, so strong that it might be termed a master candle.

This suggests that recovering from this level could be difficult, implying a possible downtrend and a weekly correction towards a support range of 54,000 to 59,000. Initially, a rebound from the daily support was expected; however, the strength of the recent bearish candle makes a recovery from the daily support appear unlikely.

Since the current upward trend has the potential to attract price action back up, we are now watching the weekly support level for signs of support formation and a possible rebound.

Current support level: 62,000

Current resistance level: 67,600