Bitcoin Faces Stiff Resistance at $60K: Will the Bulls Break Through This Week?
- BTC is having a major resistance level at the $60,000 mark which has been tested multiple times without being able to hold above this level.
- Nevertheless, market analysts still expect another run at $60k before the end of the week.
- Traders need to be cautious because if it is successful,they can find new high
Bitcoin bulls are now experiencing a significant test as the digital currency continues to struggle to cross the $60,000 mark. In the previous several attempts, BTC failed to sustain the price above this crucial psychological level and left traders and investors to guess what is next.
The recent price bar indicates that while bulls are still firmly on the driving seat, they are facing stiff resistance at around $60K. However, there are increasing signs that Bitcoin may attempt to revisit this level before the week ends and this will be a chance for the bulls to regain the level.
Rejections at $60K with Potential for Another Retest
Bitcoin has attempted to break the $60,000 mark multiple times but has failed to sustain it. Sellers are rallying to protect this level, which has become a support floor and resistance level. Short-term declines have led to lower support levels, but the broader uptrend remains supported by fundamentals and institutional adoption.
Market analysts have their eye on the price movements as Bitcoin returns to $60,000 again. Still, many are expecting that cryptocurrency will try to go higher than this level at least before the end of the week. Looking at the chart, it is possible to note that it continues to rise , which points to the fact that bulls have not yet thrown the towel. Bitcoin is currently trading at $58,657.93 with its key support levels at $58,231.36 and the resistance level is seen at $60,366.59.
Read CRYPTONEWSLAND on google newsRisks Remain for Traders
However, even in a successful breakout scenario, traders should be careful as this could lead to another uprise for Bitcoin. The market is still very unstable and trying to break through $60,000 continued to demonstrate the inability to do this repeatedly. A rejection of an anticipated move at this level may provoke further corrections as some traders may wish to book their profits or cut their losses.
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
ETH breaks through $3,700
Bitcoin's market share continues to decline, now at 53.80%
Ronin Wallet v2.1.9 Brings Key Updates and Bug Fixes