Bitcoin is likely to extend its stay inside the range as traders buy the dips under $60,000.
Bitcoin (BTC) has been consolidating inside a large range between $56,552 and $73,777 for several months, indicating buying near its support and selling close to the resistance. Generally, when the price spends a long time in consolidation, it needs a solid trigger to push the price above or below the range.
The bears tried to sink the price below the support on the news of the German Government selling their Bitcoin holdings and the likely selling pressure to be created by the Mt. Gox payout. However, that did not work out as lower levels attracted buyers who defended the support and are trying to start a recovery.
Investors also seem to have used the recent weakness to start accumulating again. Data from SoSo Value shows $31 million in net inflows into the spot Bitcoin exchange-traded funds after almost $1.3 billion in outflows over the last two weeks.
