Bitcoin's bullish momentum is expected to slow as it retests a key area. Analyst Josh from Crypto World notes a short-term bounce from $52,500, but the broader trend remains bearish. Bitcoin has broken above resistance at $56,000-$57,000, which was previously support.
Immediate resistance sits at $59,000, with major resistance at $60,000-$61,000. A break above these levels could extend the rally, but if Bitcoin drops below $56,000, it may return to a bearish trend.
The Relative Strength Index (RSI) shows weakening momentum, echoing a similar pattern from May when Bitcoin experienced a major dump before a brief recovery.
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