Bitcoin Slows Down Bullish Run at the $60,000 Significant Zone

Bitcoin (BTCUSD) Plans to Regain Bullish Momentum

Bitcoin bullish run has slowed as it approaches the significant $60,000 zone. After recovering from recent bearish sentiment, BTCUSD has gained strength, but the momentum seems to be waning as it nears this key resistance level.

BTCUSD Key Levels

Resistance Levels: $65,400, $70,240
Support Levels: $60,000, $57,000
Sellers began driving the price down from the $65,000 level last month, maintaining selling pressure into the new month, which resulted in a drop to the $52,550 level. However, buyers regained their footing last week, pushing the price higher to the $60,000 zone, breaking through the middle level of the Bollinger Band indicator.

Currently, BTCUSD buyers are pausing above the $60,000 level. The RSI (Relative Strength Index) still suggests upward movement, indicating that buyers may continue their push as the month progresses.

Technical indicators show that buyers retain considerable strength, and they are likely to resume their pressure in the market. However, the $60,000 level remains a significant resistance that they need to break to maintain bullish momentum.

Market Expectation

In the short term, the Bollinger Band shows high volatility, suggesting the market is still in a state of uncertainty. Despite the current pause, buyers are expected to resume their push. The RSI continues to indicate strength among buyers.
The $60,000 level has proven to be a formidable resistance, as buyers have struggled to break above it convincingly. The previous selling pressure from $65,000 is still influencing the market, and buyers must overcome this hurdle to regain their momentum. Traders following crypto signals are closely watching this critical level as the market seeks to make its next move.

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