Resistance is proving to be a major obstacle for Bitcoin (BTC) as it struggles to rebound above $60,000, according to data from Cointelegraph Markets Pro and TradingView. Despite a 6.2% recovery from recent lows, BTC/USD has been unable to break through key trendlines. The 100-day moving average (MA), currently at $59,930, is a significant level to watch as it has historically provided support for the market. However, the price is currently trading below this trendline, indicating resistance from bears. Material Indicators, a trading resource, also highlighted the strong technical resistance at the 100-day MA. Another hurdle for BTC is the short-term holder realized price (STH-RP), which acts as a support level for speculative Bitcoin hodlers. STH-RP is currently at $59,684, adding to the concentration of resistance near the $60,000 mark. Caleb Franzen, CEO of Cubic Analysts, identified a daily close above $61,000 as a crucial level to clear. However, it seems there is still work to be done before BTC can overcome these resistance levels. This article is not intended as investment advice and readers should conduct their own research before making any decisions.
Bitcoin's attempt to surpass the crucial resistance levels of $60K falls short.
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