BTC/USD outlook: Strong bounce retraces over 50% of last week's 12% drop

BTC/USD

Bitcoin extends strong bounce from new multi-week low ($60227), recovering over 50% of last Fri/Sat almost 12% fall and sidelining downside threats for now.

Fresh rally emerged above thick daily cloud, with close above cloud top ($64710) seen as initial bullish signal and minimum requirement to keep near-term action biased higher, however more work at the upside will be needed as technical studies on daily chart are mixed and lack clear direction signal.

Sustained break above $68000 zone to confirm reversal and push the price in the upper part of recent $73839/$60277 range), for attack at next pivotal barriers ($70000 / $71300).

Conversely, returning and closing within daily cloud would weaken near-term structure and increase pressure.

Res: 67757; 68000; 68325; 69795.
Sup: 65201; 64710; 63183; 61707.