Bitcoin Set For Critical Price Resistance Encounter – Analyst
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Bitcoin has maintained an impressive recovery following an earlier dip to below $50,000. Affected by global financial market declines and fears of a US recession, it lost over 16% of its market value. Now near $60,000, experts outline conditions for sustaining this positive trend.
An analyst on Cryptoquant highlighted Bitcoin's Short Term Holder Spent Output Profit Ratio (STH SOPR), which indicates market profitability. Currently, STH SOPR is above 1, meaning short-term holders are in profit. However, resistance is predicted at 1.03 SOPR, which might trigger selling and downward pressure.
With Bitcoin trading at $60,639 with a 1.01% daily gain, trading volume has decreased by 4.35%. Historical data places major resistance between $67,000 and $70,000 if upward momentum continues, with viable support at $55,000 if it declines.
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