Bitcoin Price Analysis: BTC Not Quite Ready to Challenge $60K, Watch This Level First

Crypto Blog

Following weeks of a downtrend, Bitcoin’s price has seemingly found a bottom. Yet, if the price recovers, one key level should still be reclaimed.

Yet, the market is once again testing the 200-day moving average from below. If it is successful in rising above it, the $60K resistance level will be the next key zone to penetrate.Looking at the 4-hour chart, the price has recovered above the $56K support level after creating a double bottom pattern around $54K.

With Bitcoin’s price going through a correction, analyzing the behavior of investors, especially those who have recently entered the market, can yield beneficial insight. The Short-Term Holder SOPR metric would be a handy tool to achieve this end.

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