Market Outlook

Bitcoin rebounded after finding support around the 70,500 level; trading should be based on Monday's range.

After facing resistance at 73,500, Bitcoin dropped about 3,000 points back to the 70,500 range. However, it did not decline further nor test the Monday high of 69,500, instead rebounding at 70,500. During Sunday’s Asian session, it reached a high of 72,000, and is currently around 71,500. CME’s closing price was 71,300, so it is expected to close within a narrow range of 71,500 to 71,300 before tomorrow morning.

Monday’s price movement will be particularly crucial. If Bitcoin tests 73,500 again on Monday and breaks above it effectively, I believe it is highly likely to continue upward next week, potentially reaching the 78,000 to 81,000 range. If CME opens lower on Monday, then the weekend rally to 72,000 will probably be the high point, followed by a test of the lows around 66,000.

Once the range for Monday is established, trading can be conducted accordingly within that range.

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