Key Points
- Bitcoin’s buying pressure has increased, pushing its price above $60k again.
- However, strong resistance and potential price correction could see Bitcoin drop to $57k.
Bitcoin’s [BTC] buying pressure has seen an increase over the last 24 hours.
In the event of a price correction, BTC could potentially drop to $57k.
Bitcoin Surpasses $60k
After a few days of struggle, Bitcoin has managed to cross the $60k barrier. This increase has sparked hope for further price rise, although strong resistance is expected.
A crypto analyst named Ali revealed in a tweet that BTC’s TD sequential indicator flashed a sell signal, indicating a potential short correction.
This prediction proved true as BTC dropped to $58k from $59k. However, a bullish momentum followed this drop, pushing the coin above $60k.
At the time of writing, Bitcoin was trading at $60,363.00, with a market capitalization of over $1.19 trillion.
This price rise has resulted in over 43 million BTC addresses turning profitable, which accounts for 81% of all Bitcoin addresses.
Market Sentiment and Future Targets
Data from CryptoQuant shows that Bitcoin’s exchange reserve has been dropping, indicating a rise in buying pressure.
Furthermore, both the Coinbase Premium and Korea Premium suggest a strong buying sentiment among US and Korean investors.
According to Glassnode’s data, BTC is approaching its possible market bottom after trading below it for several weeks.
The Pi Cycle Top indicator also suggests that Bitcoin’s possible market top is above $100k.
On-chain resistance levels are relatively evenly distributed according to IntoTheBlock, with a major level to monitor being $64k.
However, if Bitcoin’s price touches the upper limit of its 20-day simple moving average (SMA), as indicated by the Bollinger Bands, it could result in a price correction.
If this results in a price drop, it would not be surprising to see BTC drop to $57k due to increased liquidation.
If the bull run continues, it will be crucial for BTC to surpass $62k before targeting $64k.
