BTC $60,000 a key starting point?
Recently, Bitcoin has rebounded in the market, and the profitability of short-term holders has improved significantly, which has relieved investors who bought during the price increase.
Currently, Bitcoin is trading at around $61,600, staying above the 4-hour 200 moving average (MA) of $60,302, showing some stability. But the price is still below the 4-hour 200 moving average of $61,687, giving traders mixed signals.
For bulls to regain momentum and start a rebound, the price must decisively break through the 4-hour 200 MA and surpass the local supply zone of $66,000. Such an upward trend is crucial to establish a bullish trend and enhance the confidence of market participants.
However, if Bitcoin fails to hold above the 4-hour 200 EMA, the outlook may change dramatically. A break below this support level could trigger a pullback, with prices dropping to a lower demand area around $57,500, which could unsettle investors and increase bearish sentiment in the market.
Where will Bitcoin go in the future? Can $60,000 or above really be the starting point for a significant rise in the market?
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