Bitcoin retreated to 52960 last week but set a base there. Rebound from 47112 resumes today and is now heading back to 60k handle or above. Still, we’d continue to view current rise as the second leg of the medium term corrective pattern from 64848 high only. Hence, bitcoin should start to feel heavy as it approaches this resistance, which shouldn’t be taken out decisively.
We’d expecting another falling leg and break of 52960 will target 47112 support and below. The corrective pattern might complete only after testing 38.2% retracement of 4000 to 64828 at 41591, which is close to the top of prior range of 20283/41964.
