Bitcoin (BTC), the King of Cryptocurrencies, has been able to hold above $60,000 for 24 hours after experiencing a 25% drop earlier in the month.
Bitcoin’s path to continued price growth hasn’t been easy. It has not been possible for the digital currency to break through higher resistance, which is considered by technical analysts as essential in order to retest March’s all-time record high levels.
The On-Chain Metrics Reveal
In a recent report shared by technical analyst Inspo Crypto on social media site X (formerly Twitter), the company has revealed that highlighted Options traders are cautious. They remain optimistic, but continue to protect themselves against possible downside risks. This suggests that they are expecting a market shake-up or bad news.
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Analysts also assert that there has been a strong selling pressure to the downside. The price surge on Wednesday was mainly triggered by sell ordersThis will lead to the liquidation high leverage long positions.
If you dig deeper, it appears that the market is mixed, with a slight tendency to bullishness, while the 25-Delta Scew suggests uncertainty. This is especially true for upcoming elections. economic events Influencing trader caution
On the futures exchange, data indicates a bullish trend in the short term but increased volatility. Open interest is increasing, which suggests increased market participation. However, the heatmap of liquidation highlights sudden price changes.
Can Bitcoins Breakout to $63,000?
Looking at the spot market data and analyzing the technical aspects, we can see that the picture is not as rosy. bullish momentumThe cryptocurrency is facing strong resistance between the levels of $61,300 and $61,500.
Volumes are insufficient, but the data from order books shows that sell-side pressure is high at these levels.
Inspo Crypto found the average traders’ sentiment to be neutral or slightly bullish with a rating 5.5/10. The traders appear cautiously confident, yet there are also clear signs of unease and uncertainty. volatility.
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Price forecasts for the next Bitcoin could continue to try to breach the resistance of $61,300 to 61,500 in 24 hours.
As a result, it is difficult to see a breakout without significant increases in trading volumes. If resistance remains, it is possible to see a move back towards the $60.000 or $59.500 mark.
Bitcoin will be able to continue breaking through this level for the rest of the weekend if it manages to reach $61,500. volumeThe price could then move towards the range of $62,500- $63,000. If the market remains weak and there is persistent selling pressure, a consolidation could occur between $59500 and $61,000.
BTC has fallen to $60,000 after a brief rise above the $61,7000 mark on Wednesday. Bitcoin’s price has risen by 1.8% in the last 24 hours.
The featured image is from DALLE. Charts are from TradingView.com
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Source: www.newsbtc.com