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BTC/USD hit its lowest levels since the start of May this week — and those old lows are now firmly in focus within trading circles.

Market pressure is likely to increase through the end of the week, Material Indicators predicts — not least due to the weekly, monthly and quarterly close all coming on a single day.

Should bears gain the upper hand, the $56,500 level from seven weeks ago will form the floor of a bottoming zone that buyers need to defend.

“So far, Bitcoin seems to be recovering nicely from this week’s mini flush,” co-founder Keith Alan commented alongside a chart from one of Material Indicators’ proprietary trading tools.