BTC has reached its crucial resistance level of $60,000 and is just one step away from a significant rally. Bitcoin could reach $65,000 If it closes a daily candle above the $60,000 level.
World’s biggest cryptocurrency, Bitcoin (BTC), has encountered crucial resistance at the $60,000 level after a noteworthy price surge of over 3.1% in the last 24 hours. This surge was fueled by the recent billion-dollar investment in Bitcoin by MicroStrategy, which has shifted the market sentiment towards bullish.
A closer examination of the market reveals that Bitcoin is displaying bullish technicals on a daily time frame, being traded above the 200 Exponential Moving Average (EMA). The 200 EMA serves as a crucial technical indicator, signaling whether an asset is in an uptrend or a downtrend.
Currently, BTC is facing strong resistance at the $60,000 level. Notably, if BTC manages to close a daily candle above the $60,000 level, it could experience a price surge of almost 11% to the $65,000 level, marking its next resistance.
This bullish outlook is further supported by the on-chain metrics. According to Coinglass, the Long/Short ratio currently stands at 1.0446, indicating bullish market sentiment. At present, 51.09% of top BTC traders hold long positions, while 48.91% hold short positions.
Moreover, BTC’s future open interest has increased by 2.03% and has been steadily rising since September 9, 2024. This increasing open interest suggests that bulls are placing more bids on long positions in the hope that Bitcoin may breach the resistance level.
As of now, the major liquidation levels are near $58,717 on the lower side and $60,100 on the upper side. According to Coinglass data, traders are over-leveraged at these levels.
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