Bitcoin Struggles to Break $60K Resistance Levels
Bitcoin (BTC) is experiencing a significant challenge as it tries to rebound above the $60,000 mark. Despite a 6.2% recovery from its recent lows, BTC/USD has been unable to overcome key trendlines. Arthur Hayes, the former CEO of BitMEX, predicts that BTC/USD will continue to trade within a range of below $70,000 until August. In order to make any progress, Bitcoin must first reclaim the $60,000 level. The 100-day moving average (MA), which is currently at $59,930, is acting as a major resistance for Bitcoin. This trendline has been functioning as a support level since October 2023, but the price is currently dipping below it. According to trading resource Material Indicators, bulls are facing strong technical resistance at the 100-Day MA. The short-term holder realized price (STH-RP), which represents the aggregate cost basis of bitcoin held for 155 days or less, is another resistance level that Bitcoin must overcome. STH-RP has provided solid support during the previous bull market, and it is currently situated around $59,684. Caleb Franzen, the CEO of Cubic Analysts, believes that a daily close above $61,000 is necessary for a “risk-on” scenario, indicating that Bitcoin still has a long way to go.
13 thoughts on “Bitcoin Struggles to Break $60K Resistance Levels”
Leave a Reply
You must be logged in to post a comment.
Even the short-term holder realized price is acting as a resistance level now. Bitcoin can’t catch a break.
Bitcoin, you have what it takes to reclaim $60,000 and beyond! Keep pushing!
BTC, you’ve come a long way! Keep pushing through the challenges and reach new heights!
Bulls may be facing strong resistance, but Bitcoin always finds a way to overcome!
The 100-day moving average is proving to be a major roadblock. Bitcoin just can’t seem to overcome it. 💔
BTC, you got this! Reclaiming the $60,000 level is within your reach!
Will Bitcoin ever be able to reclaim its former glory? The skepticism is growing stronger.
BTC, I believe in your ability to overcome challenges and reach new heights! 💪🚀
Bitcoin, keep defying the odds! Reclaiming $60,000 is within your reach!
BTC is struggling to break through those key trendlines and seems stuck below $60,000. What a disappointment.
Wow, BTC is making a recovery! Let’s go, Bitcoin!
The $60,000 mark is a crucial level for Bitcoin to reclaim. Let’s hope it does!
It’s disheartening to see Bitcoin struggle with resistance levels. A tough battle indeed.