Bitcoin Is In Green Above $60,000: Why Is This Analyst Dismissing The Uptrend?
Bitcoin is firm, steady above $60,000. Even so, some analyst doubt the current uptrend saying exchanges, not retailers, are buying
Bitcoin is in green, looking at the performance in the daily chart. There needs to be a confirmation of the past two days’ gains for buyers to build on. Before then, cautious traders can wait on the sidelines waiting for bulls to extend gains or bears of June 24 to flow back. As it is, the immediate local resistance level is at $66,000. Technically, this level must be broken before bulls take over, mirroring gains of Q1 2024.
At press time, Bitcoin is down 1% in the past day but up 3% in the previous week of trading. Trading volume is also decent, at around $23 billion. For the trend to be sustained, there must be an uptick in trading volume in either direction. So far, bears are in control despite the recovery of the last two trading days.
The following Bitcoin news are trending:
- Despite the leg up, one analyst is convinced buyers are not in control. Taking to X, he argues that exchanges are loading on dips, creating artificial demand that might not sustain more gains this week. Still, this will change if there is a comprehensive close above $66,000.
- Sony plans to launch a crypto exchange; a huge endorsement for the sphere. As more players engage, liquidity would increase, benefiting every asset available to investors.
Bitcoin Price Analysis
BTC/USD is bullish at spot rates, looking at the performance in the daily chart and within an extended consolidation.
Even though the uptrend remains, at least from the top-down preview, there must be a conclusive confirmation of the June 30 bar.
Yesterday’s bar had a long upper wick pointing to potential rejection.
Nonetheless, all losses of June 24 have been reversed, but this hasn’t prevented sellers from being in control.
Aggressive traders might look for entries to sell on every attempt high below $66,000, targeting $60,000.
If buyers build on from $60,000 as the anchor, breaking $66,000, it could fly to $72,000.
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