This area has come into play a bunch this year and it is indeed in play again at the moment.
After the sell off that saw price drop into 55k prices bitcoin price has made a modest bounce. To no surprise it has paused around 59k and the current daily candle is red, though it is still early in that day.
If price fails here that would not be a good sign and puts 53K on the table.
*Update, since this video Bitcoin failed to hold that level which opens up more potential downside.*
The video below delves into it more….
BTC Battling 59K