Bitcoin and the $ 60,000 level
Bitcoin BTC is undergoing fourth rejection to break the $ 60,000 resistance… what next?
Although Bitcoin is down by 2.95% today, Bitcoin is still up 4% in the last 7 days.
In addition, the total market value of the crypto market approached $ 2 trillion, as there was not much left in front of it, as the total value is now estimated at $ 1.92 trillion.
- Bitcoin and the $ 60,000 level:
Bitcoin began in April with an attempt to break and push the price above $ 60,000, and this was the fourth attempt since March 18th.
Unfortunately, it was rejected again, and then Bitcoin lost about $ 3500 in the past hours and reached its lowest level at $ 56.5 thousand on the "Bitstamp" trading platform.
However, the decline found strong support at the level of $ 57,000, as the currency fluctuated at the time of preparing this article between $ 57,500 - $ 58,500,000.
Many analysts are currently focusing on two scenarios:
- The bullish scenario will be the fifth attempt to break the $ 60,000 line.
- If successful, Bitcoin would complete inverted head and shoulders with a goal of $ 69,000, as shown in the image below.
- The bearish scenario, on the other hand, is in which analysts believe that Bitcoin should maintain a range of 54-56 thousand dollars, which is full of demand, in the event of a collapse, 50 thousand dollars will be in danger again.
- Supports and Resistances Facing the Bitcoin Price That Should Be Watched:
- Key Support Levels: $ 56,400, $ 54,675, $ 54,000, $ 52,470, $ 50,270.
- Main Resistance Levels: $ 58,355, $ 60,000, $ 61,780, $ 62,400, $ 65,000.
Looking at the Bitcoin price in the future, the first resistance lies at $ 58,355, followed by that level of $ 60,000.
After surpassing the $ 60,000 resistance, Bitcoin is expected to encounter resistance at an earlier recorded price of $ 61,780.
Then $ 62,400, $ 65,000, and $ 67,000.
