Bitcoin consolidates between $59,000 support and $65,000 resistance after failing to sustain a rebound from 2024 lows.
Bitcoin remains trapped in a tight range after plunging to $59,000, its lowest level of the year, following a breakdown below key moving averages. The cryptocurrency failed to hold above its 200-day moving average in May, triggering a sell-off that accelerated past the 100-day average.
After bottoming near $59,000, buyers drove a partial recovery, pushing prices back toward the $64,200-$65,000 zone. This area, previously a support level, now acts as resistance, capping further gains. For the past week, Bitcoin has traded sideways within this range as market participants await a decisive breakout.
Traders are monitoring momentum signals, as a move above $65,000 or below $59,000 could dictate the next directional trend. The stalemate reflects uncertainty after a volatile month for the asset.