The Bulls are desperately trying to turn this level into Support, but so far we have only seen two short-lived bounces from it. These were quickly capped by the Bears as they have stepped in and the price got rejected from the Resistance Level at 59660$.
This price action has created a tight Trading Range stretching between 57500-59600$. BTC has been trading inside this range for the last two days without being able to make a decisive move as neither camp was strong enough to cause a breakout nor to get a 4H Candle closed outside.
To initiate a breakout from this range, the Bulls need to maintain the short-term bullish structure, therefore the 57500$ area has to be defended.
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