Bitcoin Bulls Charge Toward $60,000: Will They Succeed?
Cointelegraph•1 week ago•
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Bitcoin Bulls Charge Toward $60,000: Will They Succeed?

Bitcoin
Price
TechnicalAnalysis
RSI
Macroeconomics

Summary:

  • Bitcoin price is on an upward trajectory, with bulls pushing towards the $60,000 mark.

  • Sellers are waiting to keep the price below $60,000, with thin liquidity at this key level.

  • Analysts have noted a bullish divergence in the RSI, suggesting a potential breakout in the near future.

  • Reclaiming $58,400 could lead to a retest of $60,000, potentially pushing Bitcoin towards $67,000.

  • Upcoming US macroeconomic data releases will significantly impact Bitcoin's market performance.

Bitcoin Bulls Charge Toward $60,000: Will They Succeed?

Bitcoin (BTC) price has been on an upward trajectory, with bulls pushing towards the $60,000 mark. However, sellers are waiting in the wings, aiming to keep the price below this crucial level.

Data from Cointelegraph Markets Pro and TradingView show Bitcoin reaching $59,459 on Bitstamp on July 10th. This surge was driven by a classic RSI rebound, with the indicator hitting its lowest levels in 10 months. Analysts like Daan Crypto Trades and Rekt Capital have noted this bullish divergence, predicting a potential breakout in the near future.

The $60,000 level is a key resistance point, with analysts like Justin Bennett suggesting a potential retest of this level if BTC can reclaim $58,400. The performance of Bitcoin in the $60,000-$58,400 range will be crucial in determining its future trajectory, potentially leading to a push towards $67,000 or a fall to $48,000.

The upcoming release of US macroeconomic data, including the Consumer Price Index and Producer Price Index, will significantly impact Bitcoin's market performance.

Despite the recent upward momentum, there is thin liquidity at $60,000, suggesting that sellers are waiting to capitalize on any potential dip. Bitcoin is currently battling for both the 99-day and 200-day moving averages, which are crucial support and resistance levels.

This article does not contain investment advice or recommendations. It's important to conduct your own research before making any investment decisions. #Bitcoin #BitcoinPrice #Markets

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