MicroStrategy's recent billion-dollar investment in Bitcoin (BTC) has shifted market sentiment to a bullish stance. This move has pushed Bitcoin to its crucial resistance level of $60,000, positioning it for a potential significant rally.
**Bitcoin Technical Analysis and Key Levels**
Expert technical analysis suggests that Bitcoin is currently bullish, trading above the 200 Exponential Moving Average (EMA) on a daily chart. The 200 EMA helps indicate whether an asset is in an uptrend or downtrend.
Despite this positive trend, Bitcoin faces strong resistance at the $60,000 mark. A daily close above this level could trigger a price surge of approximately 11%, potentially reaching the $65,000 range.
**Bullish On-chain Metrics**
This optimistic outlook is supported by on-chain metrics. Coinglassâs Long/Short ratio is at 1.0446, reflecting a bullish sentiment among traders. Currently, 51.09% of top BTC traders hold long positions, while 48.91% are in short positions.
