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Bitcoin Reversal: Will BTC Surpass $60,000 Today?
Bitcoin is balanced at spot rates but remains under pressure. If anything, the daily chart shows the coin moving sideways, steady and in a bearish breakout formation. Traders should watch for reaction around the May and June lows in the $56,000 to $60,000 range. If there is a rejection from this region, BTC could continue the sell-off with targets below $50,000 in the coming sessions. This preview is not new, considering that the coin is inside a bearish breakout formation.
At spot rates, BTC is up 2% over the past day, but has shrunk 9% since the start of the week. At the same time, the average trading volume is relatively high, equal to over 35 billion dollars.
The following trending events regarding Bitcoin are worth following:
- Bitstamp has an existing contract with Mt. Gox trustees. Under their agreement, the exchange has only two months to distribute Bitcoin and Bitcoin Cash to victims. Prior to that, Mt. Gox had contracts with Bitbank and The Kraken.
- The German government is dumping coins, examining on-chain data. Yesterday, they transferred over 9,600 BTC to several exchanges, including Coinbase and The KrakenTheir continued dumping could limit gains, increasing pressure on the currency.
Bitcoin Price Analysis
BTC/USD Exchange Rate It is in red and is based on the price action over the last month of trading.
Despite the recent recovery, the easiest route is south.
It is important to note that Bitcoin is below the May and June lows, in a bearish breakout phase.
Any attempt to reach $57,000-$60,000 could provide selling opportunities for sellers targeting $53,500 (last week’s low) and $50,000.
If sellers persist, BTC could plunge to the $45,000 zone, retesting the January 2024 highs.
Any rise above $60,000, in addition to the gains from July 8, invalidates this position.