Will Bitcoin Breach $60,000? Key Data Points You Need to Know?

MicroStrategy’s recent billion-dollar investment in Bitcoin (BTC), the world’s biggest cryptocurrency has turned the market sentiment to bullish. With this investment, BTC has reached its crucial resistance level of $60,000 and is just one step away from a significant rally.

Bitcoin Technical Analysis and Upcoming Levels

According to expert technical analysis, Bitcoin appears bullish as it is currently trading above the 200 Exponential Moving Average (EMA) on a daily time frame. The 200 EMA is a technical indicator that signals whether the asset is in an uptrend or a downtrend.

Source: Trading View

Despite being in an uptrend, Bitcoin is currently facing strong resistance at the $60,000 level. If BTC closes a daily candle above the $60,000 level, there is a high possibility it could experience a price surge of almost 11% to the $65,000 to its next resistance.

Bullish On-chain Metrics

This bullish outlook is further backed by the on-chain metrics. Coinglass’s Long/Short ratio currently stands at 1.0446 indicating traders’ bullish market sentiment. At present 51.09% of top BTC traders hold long positions, while 48.91% hold short positions.