Is BTC Momentum Improving?
In a detailed report published on Monday, prominent pseudonymous technical analyst Nik noted that Bitcoin remains tightly range-bound between its 200-week moving average near $62,500 and resistance around $65,800.
While the weekly structure is still bearish, momentum is improving after a bullish divergence at the June low.
Bitcoin has also held above its February low near $60,000 for more than six months, suggesting bearish momentum may be weakening.
The immediate downside level to watch is $62,500. A weekly close below that level would put $60,000 back into focus.
