Bitcoin Price Still Consolidating Around $60K, Ready to Jump!

Technical Analysis by Edris Derakhshi (TradingRage)

- **Daily Chart**: Bitcoin price is still struggling to get back above the $60K level after a quick rejection from the 200-day moving average around $63K. After rebounding from $52,500, the price is again testing this important area. To start a new rally, the price must break through $60K and the 200-day moving average.

- **4-Hour Chart**: The price is in a critical area, testing the bullish trend line that has been respected for the past few weeks. If this trend line holds, the price is likely to rise above $60K. However, if it fails, the price could drop to $57K or even $53K in the coming weeks.

- **On-Chain Analysis**: Bitcoin funding rate shows the sentiment of the futures market. A positive value indicates bullish sentiment, while a negative value indicates fear. Currently, the funding rate has dropped, indicating a bearish sentiment. However, this could also mean that the market is no longer overheated and with enough buying pressure, a sustained rally could begin soon.

What do you think? Will Bitcoin break $60K or will it go down? Let's discuss in the comments! 🚀