- Bitcoin price is struggling at $60K resistance, up by 1.42% in the last 24 hours.
- BTC has recorded a 24-hour liquidation of $27.97 million.
Despite recent recovery efforts, the largest cryptocurrency, Bitcoin (BTC), seemingly extends losses in the market. Over the past 24 hours, the asset has struggled to clear the $60K level, and a low has formed near $57.5K.
After a brief rebound, BTC is up by 1.42%, currently trading at $59,269, marking a modest dip. Whereas, BTC’s trading volume is down by 26.55% to $25.47 billion, as per CMC data.
Besides, the BTC Fear and Greed Index continues to stay at 25, evoking extreme fear in the market. Moreover, Bitcoin has recorded a 24-hour liquidation of $27.97 million, as per Coinglass.
Over the past 24 hours, the US spot Bitcoin ETFs recorded an inflow of $36.01 million, according to Sosovalue data. And in the last seven days, Bitcoin spot ETFs had a net inflow of $32.58 million.
Recently, Franklin Templeton, an asset management firm, filed to launch a new exchange-traded fund (ETF), ‘Franklin Crypto Index ETF.’ It aims to provide investors with a comprehensive digital asset portfolio. As per the filing, the Franklin Crypto Index ETF will follow the CF Institutional Digital Asset Index’s. Which now only includes the largest assets, BTC and ETH.
Will BTC Price Breakout?
Zooming in on the past month, Bitcoin was down by over 9%, which sharply dropped from $69,799 to $49,842. Similarly, in the last week, the token witnessed a dip of 2.41%, and the asset has been fluctuating between $61K and $56K.
According to TradingView data, BTC’s daily relative strength index (RSI) stands at 46.18, nearing neutral market sentiment. Moreover, Bitcoin’s short-term 9-day MA stands below the long-term 21-day MA, which indicates the current bearish trend caused by the price dip.
If BTC’s bullish momentum returns, the price might rise to $60K. The token may test subsequent resistance at $61,104. However, if the bearish trend persists, the Bitcoin price could fall to find support at $58,232 and potentially retrace to a low of $57,230.
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