Bitcoin [BTC] has once again surpassed the psychological resistance level of $61,000 in the past few hours. However, concerns remain as the coin remains close to a key support level.

Recent analysis suggests that if it falls below that support level, BTC could drop to $57,000 in the coming days.

Bitcoin Crosses $61,000 Again!

Despite a slight price drop over the past 24 hours, BTC has still surpassed the $61,000 mark. At the time of writing, the coin is trading at $61,173.50 with a market capitalization of over $1.2 trillion.

According to IntoTheBlock's analysis of data, there are over 44 million profitable BTC addresses, accounting for over 82% of all BTC addresses.

During this time, Ali, a popular crypto analyst, posted a tweet revealing important support for BTC. According to the tweet, the coin has strong support near $60,365. This is crucial for the coin to hold its value above that mark.

See also: Bitcoin Reenacts the 'Three Blind Mice' Pattern?

The tweet also mentioned that if it falls below that support, the coin could return to $57,000.

Is adjustment possible?

Since the analysis highlighted important support, TinTucBitcoin examined Bitcoin's on-chain data to better understand the possibility of the coin falling back to that level.

According to our analysis with data from CryptoQuant, BTC exchange reserves are increasing. Whenever this indicator increases, it means that selling pressure is increasing, which usually causes a price correction. However, the rest of the indicators look quite bullish.

For example, BTC's aSORP shows that many investors are selling at a loss. During a bear market, this can indicate a market bottom. Coin's secondary CDD reveals that the movement of long-term holders over the past 7 days is lower than average.

They have an incentive to hold onto their Coins.

aSORP của Bitcoin chuyển xanh

Source: CryptoQuant

In addition, the situation in the derivatives market is also positive. The funding rate of BTC is increasing. In addition, the buy/sell ratio of participants has turned green.

See also: Why did Solana (SOL) price drop so much today?

This clearly indicates that buying sentiment is prevailing among futures investors, which can be seen as a positive signal.

Even better news is that BTC price is about to hit the lower limit of the Bollinger Bands. Whenever this happens, it hints at an upcoming price increase.

If that happens again, BTC could move towards the resistance level near $65,000 in the coming days.

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