- 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.
Risks 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.
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