Fri, March 29

Bitcoin (BTC) Might Slip Below $60k This Weekend?

Crypto Devotees Are on High Etching the Tattoos of Their Favorite Tokens Bitcoin News
  • Following US inflation statistics, BTC started to lose value and approached $60,000.
  • BTC may reach record highs of about $66,999 if it allows further rising.

It was a mixed bag on Nov. 6 as the cryptocurrency market cap is $2.71 trillion. Bitcoin has been consolidating for a while. Due to the current price activity, it is still on a bull run. Bitcoin’s price has been stabilizing, although the daily and weekly closes have been over $60k.

Bitcoin just hit an all-time high of $67,500. Since then, the dominating cryptocurrency has traded over $60k. Several cryptocurrencies, including Ethereum, Shiba Inu, Solana, and Polkadot, have recently hit fresh highs. On Oct. 20, Bitcoin hit a new high of $66,974. Last month’s price rise coincided with the much-anticipated release of the first Bitcoin ETF on the NYSE.

Facing Resistance Between $62K and $65K

The Flagship currency is seeing substantial market resistance between $62k and $65k. The price is nearing but not above this level, halting the BTC spike.

BTC/USDT: TradingView

Following US inflation statistics, BTC started to lose value and approached $60,000 in a few days. Despite a quick return to $63,000, the overall situation has deteriorated. Bitcoin is poised to break past the $64,000 barrier mark. BTC may reach record highs of about $66,999 if it allows further rising.

Bitcoin was trading at $60,589 USD, according to CoinMarketCap. Bitcoin must first break the pivot at $61,727 to reach the first substantial barrier at $62,755. But for Bitcoin to burst beyond the morning high of $62,600, the market must back it. Breaking the pivot at $61,717 reintroduces the first major support level at $60,388. Unless the sell-off continues throughout the afternoon, Bitcoin should stay over $59,000.

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.