Bitcoin's Price action near the Critical $60K
A detailed examination of Bitcoin’s daily chart reveals a significant increase in buying pressure and demand near the critical $50K support region, resulting in a substantial bullish rebound.
Subsequently, #BTC surged back toward a key resistance region, encompassing the 200-day moving average at $61K and the psychological resistance at $60K. This key area is likely filled with supply, which may result in substantial selling pressure and halt further upward momentum.
If the price faces rejection here, it could complete the pullback, leading to another impulsive bearish leg toward the crucial $50K threshold.
However, there is also a possibility of a sudden break above this critical juncture, potentially causing a short-squeeze event and leading to an impulsive surge. Bitcoin’s price action near the critical $60K region will be crucial in determining its next major move.
