Bitcoin encounters $60k resistance amid market uncertainty

Bitcoin’s consolidation phase is not a new phenomenon. If anything, it is giving the market a sense of stability amid the rising uncertainty. A movement within the confined zone is helping traders and investors decide when to withdraw or invest. The same phenomenon has also established a resistance margin of $60,000.

BTC is currently listed at $61,888.78, up by 0.65% in the last 24 hours at the time of this article. Experts estimate that a drop to $60,000, or at most $60,500, could potentially trigger a further decline. That would negatively break the consolidation phase, which has been defined as between $61,000 and $64,000. 

Per the hourly MACD, a bull run is in the picture. The hourly RSI has picked up the tone, displaying an above-50 level on the chart. We have now determined major resistance levels at $62,200 and $63,500.

The goal is to achieve an increase to $65,000 in order to create opportunities for a subsequent rise to $75,000. Bitcoin Halving has had little impact so far except to soften the decline. The BTC/USD pair continues to test resistance levels. The predicted estimates depict a bullish approach. BTC forecast shows the potential for Bitcoin to surpass the milestone of $100k by the end of this year. 

The interest in the Spot Bitcoin ETF, which finally saw an inflow after four consecutive months of outflow, is a major driver. Plus, Hong Kong and Singapore are constantly exploring this segment of the ETF market. Hence, bringing Asia into the picture and global adoption plus recognition are at the top of the ongoing wave.

There is little or no global unification when it comes to considering Bitcoin or Spot Bitcoin ETF a valid product—holding it back and keeping the value of BTC under check.

In general, BTC has been trading above the 100-hourly SMA, with resistance at $62,200, or the 50% Fib level. An ideal resistance has been identified at around $63,500. The bull run could then begin. However, concerns about a fall in value are obvious if it marks a downtrend on the price chart. Notably, the majority of the points stop at $60,000 to clarify that the decline will indeed be on the softer side.

The market cap of Bitcoin has increased by 0.49%, while the 24-hour trading volume has decreased by 13.33%. Holders who bought the dip could hold on for a value of $65,000; depending on the ongoing pace of values soaring on the price chart, they could aim for $75,000.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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