Bitcoin has just completed its ninth test of the $60,000 support level. This has raised questions about where the cryptocurrency is headed.
Support and Resistance
A support level is a price point where an asset tends to stop falling, indicating a potential bounce back. Bitcoin has held $60,000 as a support level for about nine months.
However, this support level has now failed, leading to a drop in Bitcoin’s price.
Market Sentiment
Some believe that $60,000 will continue to act as a support level, while others are skeptical.
Consolidation and Momentum
Cryptocurrencies often consolidate around certain levels for extended periods, showing little movement. This consolidation can lead to significant price swings when it breaks.
Analyst Predictions
Crypto analyst Dana Crypto Trades believes that Bitcoin could be preparing for a major price swing. However, he does not specify whether it will rise or fall.
Current Price
At the time of writing, Bitcoin’s price has fallen below $60,000 to $57,359, a drop of over 5%.
