Bitcoin Faces Resistance at $60,000

#BTC☀ price has dropped 2.5% to $59,598, struggling to stay above $60,000. The price has been ranging between $50,000 and $60,000 for the past month.

Despite the current dip, Bitcoin whales have continued to accumulate coins. According to Santiment, whale wallets holding 100-1,000 $BTC have added 100,000 coins in the past six weeks.

For Bitcoin to rally further, it needs to break through the $60,000 resistance level. Market analysts are eagerly awaiting the Federal Open Market Committee (FOMC) meeting on Wednesday and Jerome Powell's speech for hints on potential Fed rate cuts starting in September.

Bitcoin's miner capitulation is nearing its end, and investors are hoping for a post-halving rally. However, the cryptocurrency's price movement will depend on its ability to hold above $60,000 and the outcome of the FOMC meeting.