Bitcoin Turning Around: Will BTC Break $60,000 Today?

Bitcoin is balanced at spot rates but remains under pressure. If anything, from the daily chart, the coin is moving horizontally, stable, and within a bear breakout formation. Traders should watch the reaction around May and June lows at the $56,000 to $60,000 zone. If there is rejection from this region, BTC might continue with the sell-off with targets below $50,000 in the coming sessions. This preview isn’t news, considering the coin is within a bear breakout formation.

At spot rates, BTC is up 2% on the last day but shaving 9% week-to-date. At the same time, the average trading volume is relatively high, at over $35 billion.

The following Bitcoin trending news events are worth watching:

• Bitstamp has an existing contract with Mt. Gox trustees. Under their deal, the exchange has only two months to distribute Bitcoin and Bitcoin Cash to victims. Before this, Mt. Gox had contracts with Bitbank and Kraken.
• The German government is dumping coins, looking at on-chain data. Yesterday, they transferred over 9,600 BTC to several exchanges, including Coinbase and Kraken. Their continuous dumping could cap gains, heaping more pressure on the coin.

Bitcoin Price Analysis

BTC/USD is in red, gauging from price action over the last trading month.

Despite the recent recovery, the path of least resistance is southwards.

Of importance is that Bitcoin is below the May and June lows in a bear breakout formation.

Every attempt towards $57,000 to $60,000 might offer entries for sellers targeting $53,500—or last week’s low—and $50,000.

If sellers persist, BTC could plunge to the $45,000 zone, retesting the January 2024 highs.

Any uptick above $60,000, building on July 8 gains, invalidates this position.