BTCUSD Faces Consolidation as Sellers Encounter Roadblock Near $60,640 Level

Bitcoin Consolidates as Sellers Hit Roadblock at $60,640 Level

Bitcoin (BTCUSD) has encountered sellers facing resistance as the price consolidates around the crucial $60,640 level. Throughout this month, Bitcoin sellers have shown significant strength by pulling the price through key levels. However, buyers have now entered the scene, challenging the bearish sentiment. After buyers lost momentum near the $72,270 area, sellers managed to push the price down to the $58,600 zone. Above the $60,640 level, buyers have made a strong stand, leading to price consolidation.

BTCUSD Key Levels

Resistance Levels: $70,000, $73,000
Support Levels: $60,600, $64,000
This consolidation phase poses a challenge for sellers, who are struggling to lower the price further. In recent days, Bitcoin has faced a roadblock, shifting the bias toward potential gains.

The Stochastic Oscillator has shown a rising trend, suggesting traders are planning a recovery. Although the Momentum indicator has been declining, this presents an opportunity for buyers to push back. At this point, Bitcoin’s trend has slowed, offering buyers the chance to trigger a breakout and reverse the market.

Market Expectation

In the short term, sellers have re-entered, putting bulls in a challenging position. The Momentum indicator is rising despite the market’s range, as sellers aim to drive the price lower. The Stochastic Oscillator also suggests a potential break below the $64,600 area, confirming bearish pressure. Crypto signals indicate that traders should watch for potential breakout opportunities in this consolidation phase.

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