Bitcoin not quite ready to test $60,000 level – perspective by CryptoPotato
Following weeks of a downtrend, Bitcoin’s price has seemingly found a bottom. Yet, if the price recovers, one key level should still be reclaimed.
Looking at the 4-hour chart, the price has recovered above the $56K support level after creating a double bottom pattern around $54K.
The cryptocurrency is currently running toward the $60K resistance level, and the bearish trendline demonstrated on the chart. If the market can break these resistance elements to the upside, market participants can be optimistic that a price recovery could materialize soon.
The 30-day exponential moving average of STH-SOPR has dropped below one and continues to decline. This shows capitulation by short-term holders, which could be one of the initial signs pointing to the end of the correction phase.
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