Over the course of this week, Bitcoin demonstrates that the level of 58000 is insurmountable for it. All attempts to rise above this level led to an increase in pressure and a decrease to the support level of 56300. This level has proven to provide sufficient support for the BTC/USD pair. We can say that during the week, the main movement of the BTC/USD pair is around the level of 57000. At the time of publication, the BTC/USD pair is trading at around 57000.
Against the backdrop of a decrease in volatility, we see a decrease in trading volumes. Bollinger bands have narrowed significantly since December 2. However, the more the Bollinger Bands narrow, the more price volatility decreases, and the price of Bitcoin can break out in any direction.
In the current situation, we can count on growth if the BTC/USD pair rises above 57300 and holds above this level. If this happens, there will be a chance to see the price of Bitcoin in the area of 57975. The unchanged resistance level remains at $58000. Moving above this level will allow us to talk about a possible return to the area of $60000.
If the bulls fail to raise the price above $57300, we do not exclude that the price will demonstrate another decline to the support level of 56300. A breakdown below this level could trigger a sharp decline in the price of Bitcoin to the area of 53500.