After a 25% pullback to $49,000 earlier this month, Bitcoin (BTC) has consolidated above the $60,000 support for the last 24 hours. Despite this consolidation, Bitcoin faces difficulties surpassing higher resistance levels crucial for retesting March's all-time highs. Technical analysts and on-chain metrics indicate cautious sentiment among traders, even as they remain bullish.
According to Inspo Crypto's analysis shared on X, options traders hedge against potential downsides, hinting at possible market volatility or negative news. The selling pressure remains robust, and Wednesday's price push triggered the liquidation of high-leverage long positions. The futures market shows short-term bullish momentum but with significant volatility.
On the spot market, Bitcoin's bullish momentum encounters strong resistance at $61,300-$61,500. The volume appears insufficient for a breakout, with substantial sell-side pressure at these levels. The average trader sentiment is slightly bullish but laden with uncertainty, scoring 5.5 out of 10. Bitcoin may aim to break the resistance level in the next 24 hours, but without increased trading volume, a breakout seems unlikely.
If resistance holds, a pullback to $60,000 or $59,500 is possible. For the week, breaking the $61,500 level with increased volume could push Bitcoin to the $62,500-$63,000 range; otherwise, consolidation between $59,500 and $61,000 is likely. Late Wednesday, Bitcoin briefly climbed above $61,700 but fell back to $60,000, still up 1.8% over 24 hours.
