Bitcoin is currently trading between $60k and $61k. This level is very important for the coin because of the upcoming weekly close. Bitcoin did fall below $60k a couple of times, but the price recovered fast and went above $60k. It seems like there is good support at this level. And it is important that the Bitcoin weekly close is above $60k. It will be a very important metric for this bull run. And will solidify the fact that bulls are strong and the market sentiment is positive.
BTC needs to solidify the ground
Retesting important levels is a good way to check the bullish sentiment in a rally. If the price of Bitcoin jumps back from $60k, the rally will be even more powerful than before. There is some strong resistance at $65k where the previous top lay. And therefore, it will be essential to see if the volume is good enough to break through this level. The pullback of Bitcoin is also affecting other coins and tokens. So, it is crucial BTC solidifies its support at $60k this week and moves up.
It is essential to look at some key metrics like the amount of Bitcoins held by exchanges, the greed levels, funding rates on exchanges, and also any news that might affect the market. If things look good fundamentally, the price will rise sooner or later.
Bitcoin corrections are important.
Not everyone in a market can make money. When there is too much greed or fear where almost everyone is either long or short, the market changes its behavior to flush people out. And this is the case here. The 10-12% correction that we saw here was necessary for the healthy price rise of BTC. The market was in greed, and this has bought down the greed level to acceptable numbers. Many times these corrections also come to flush out overleveraged traders.
The massive fluctuations in the crypto markets, call for investing in crypto through SIP. The idea of DCA is very powerful, and everyone should check it out once.
Do you think we will see a Bitcoin weekly close above $60k? And if yes, will it mean that the price will love upwards towards the $70k range? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Mariah Carey encourages crypto investments by offering free crypto.
