Bitcoin (BTC/USD) Vulnerable to a Break of $57-60K Support

After a torrid rally though most of Q4 2023 and Q1 2024, Bitcoin has lost its upside momentum over the last 3+ months. Since then, the cryptocurrency has carved out a broad range between $57-60K on the low side and the all-time high near 73K on the topside.
As traders price in the potential selling of long locked-up supply from the Mt. Gox, BTC/USD could see the bottom of that range come under increasing pressure as we move into July. A confirmed break of 57K would take Bitcoin’s price notably below the short- and medium-term buyers cost basis and could lead to a deeper retracement toward 50K or lower as we move through the summer. For now, a neutral bias is appropriate, but the risks to the downside are growing rapidly.
-MW