Bitcoin, the world's largest cryptocurrency, is finding it difficult to stay above the critical $60,000 price level. This threshold has become a battleground between bullish and bearish forces, with significant implications for Bitcoin's near-term trajectory.
Market analyst Mark Cullen believes that if Bitcoin can reclaim and hold above $60,000, it could move higher towards the mid-to-high $60,000 range. However, failure to push through $59,500 could turn the technical outlook more bearish.
Crypto analyst InspoCrypto highlights a 1,000 BTC sell order at $60,500. A failed retest at this level could result in a bearish double top pattern, making the situation more complicated for bulls in the near-term price action.
Daan Crypto Trades considers trading above $59,000 a positive sign due to the Daily 200-EMA but sees $63,000 as a crucial level for bulls. Failure to break this resistance could lead to bearish control, with $56,500 as a support zone.
Technical analyst EmperorBTC stresses the importance of Bitcoin reclaiming its macro range and suggests traders bid on pullbacks near $58,800. He also acknowledges a worst-case scenario where Bitcoin could retrace to $52,000, which he views as a potential buying opportunity.
