Bitcoin has returned to the vicinity of $59,000 and the previous rebound has been largely wiped out. The market is now refocusing between 59,000 and 60,000 United States dollars, a position that corresponds to the June low point and is the most visible support belt for the short line.

The price is back near the low in June.

The data show that the BTC fell to about US$ 59,175 on June 24th. The price had not stood at about US$ 64,270, and then the fall had increased. This position was considered by a number of traders to be an important defence in the last round of rebounds.

With the loss of this area, Bitcoin has returned to the vicinity of approximately US$ 59,193, the starting point of the current round. If it continues to collapse, the market will return to the weaker zone since the rebound in April.

The rebound structure continues to weaken.

In the light of the sun, bitcoin almost responded to most of the increase that had been repaired upwards since the low point in June. Prices had previously fallen by about US$ 68,250 and US$ 64,270, supported by a re-emergence.

At the same time, prices remain below a downward trend line. Since the height of May, repeated rebounds have failed to break the repression and each round has been below the previous one, suggesting that the empty structure has not been broken.

The average is also weak. The BTC is currently below the 50-day average of approximately US$ 71,100 and the 100-day average of approximately US$ 72,000, and the 50-day average is still below the 100-day average, showing no significant improvement in kinetic energy in the medium term.

59,000 to 60,000 dollars into critical regions

Market concerns are now concentrated in between $59,000 and $60,000. Earlier in June, the purchase had pushed back the price around the area and, at one point, led the BTC back to the top of $70,000, but action could be reduced thereafter.

According to some market observers, the region has become the most important support belt of the short line. If the position is secured, Bitcoin will still have the opportunity to initiate repairs near $64,000; further improvements will require a repositioning of $68,000 and breaking the current downward trend line.

If the June low point is clearly broken, the market may begin to look for lower support. Based on the techniques cited in the text, the next extension target is estimated at approximately US$ 44,500. The continuation of the $59,000 line over the next few trading periods will be an important observation point to determine whether the current round of adjustments will continue to expand.