Over the past week, Bitcoin has seen a roughly 10% decline, largely triggered by war-related news and global uncertainty. While this drop briefly spooked investors, technical indicators still provide a positive outlook. The pullback towards the $60K support level is viewed as a natural and healthy correction.
The Critical $60K Support Level
#BTC price retreated to the $60K level, and this crucial support managed to hold firm. Analysts see this as a positive sign for the market. As long as the $60K support remains intact, the overall outlook for Bitcoin will stay bullish. This support level plays a key role in sustaining any further price increases.
Coinbase Maintains Buying Position
Despite the decline, one noteworthy development is that Coinbase continued its buying spree without selling any of its holdings. Coinbase’s spot CVD (Cumulative Volume Delta) keeps rising, indicating that institutional investors are not losing interest in Bitcoin. This is a highly positive signal for the market. Large players like Coinbase remaining buyers during such conditions can signal long-term strength and confidence. #ECFilesAppealRipple
Shift from Downtrend to Uptrend?
Last week saw Bitcoin form both a higher high and a higher low. This suggests a potential shift from the 7-month-long downtrend to an uptrend. If the $60K support holds, it could mark the beginning of a new upward phase. Technical data supports this outlook, pointing to a transition towards a bullish trend. #Binance
In the coming days, monitoring Bitcoin’s price movements will be crucial. As long as the $60K level holds, there’s little cause for concern, especially with major players like Coinbase remaining in buying mode.
Stay tuned for more updates.
Wishing everyone a great day and profitable trading!
