The important $60,000 barrier has been crossed by Bitcoin (BTC) once more, but the market is still cautious with significant resistance to this rally in the near future.
BTC was trading just above the 200 EMA at $59,548 after a brief spike above $60,000 that was followed by a wave of selling pressure that swiftly drove the price back down.
Although reaching $60,000 is a significant psychological boost, it is important to keep an eye on critical levels that may determine Bitcoin’s short-term course.
The $60,000 mark has considerable psychological significance in the market, it is not just a round number. Bulls and bears have historically fought fiercely for this level, making it a crucial battleground.
Bitcoin tends to draw both buying and selling activity whenever it crosses over $60,000, which increases volatility. Thus, it is imperative to keep an eye on $60,000 as well. Bitcoin might gain enough traction to test higher resistance levels if it can continue trading above this mark.
