Bitcoin continues to hover around the $62,000 mark following recent rejection from levels above $66,000. This article explores potential scenarios and their implications for the token’s price.

Current Market Situation

Currently, both bulls and bears are exerting equal pressure on bitcoin, keeping it at the $62,000 level. This indicates that both sides are aware of the liquidity at these price levels and are waiting for one to weaken.

Possible Scenarios

During the weekend, Bitcoin may either break out of its current range or remain within the average range. An interesting observation reveals that after any swift price movement, Bitcoin consolidates between $61,500 and $63,300. Recent data suggests that strong liquidations could occur if the price falls below $62,000.

Support and Resistance: What to Expect?

Bitcoin faces bearish pressure. If the support zone between $61,727 and $61,834 does not hold, a drop to $60,600 could occur. However, if the bulls manage to break through, bears are expected to cap the rally at $62,500 again.

The upcoming weekend promises to be eventful for Bitcoin, with potential consolidated movements within $61,500 - $62,500. The market is watching closely to see which pressure—bullish or bearish—will prevail.