Bitcoin

Arthur

Material

Spot

Bitcoin is currently struggling to surpass the $60,000 mark, facing significant resistance that is hindering its price rebound, despite recovering up to 6.2% from the week’s lows. 
Analysis from Cointelegraph Markets Pro and TradingView highlights that BTC/USD has yet to breach crucial trendlines. 
The cryptocurrency has seen a 23% decline from its peak, with recovery prospects appearing slim through April and May. 
Former <a href="https://www.bitmex.com/" data-wpel-link="external" target="_blank" rel="nofollow external noreferrer">BitMEX</a> CEO Arthur Hayes has predicted that Bitcoin will continue to trade within a range below $70,000 until August, emphasizing the importance of first reclaiming the $60,000 level. 
However, this mark remains well-defended by existing trendlines. 
Particularly challenging for Bitcoin is its 100-day moving average (MA), which, as of May 3, stands at $59,930. 
Historically, this trendline has supported the market since October 2023 and helped sustain prices during the early 2023 bull market phase. 
READ MORE: <a href="https://www.cryptointelligence.co.uk/australian-stock-exchange-set-to-approve-spot-bitcoin-etfs-by-end-of-2024/" data-wpel-link="internal">Australian Stock Exchange Set to Approve Spot Bitcoin ETFs by End of 2024</a> 
Yet, recent patterns show Bitcoin closing full daily candles beneath this average, indicating a downward shift. 
Material Indicators, a trading resource, observed that this average is presenting strong technical resistance. 
They noted, “Reclaiming the 100-Day Moving Average would be a big deal for Bitcoin Bulls that could lead to a short squeeze,” as stated by co-founder Keith Alan on the social platform X. 
Another significant obstacle is the short-term holder realized price (STH-RP), which reflects the average cost basis for Bitcoin holders who have held their positions for 155 days or less. 
This metric has repeatedly acted as a robust support during recent weeks and throughout much of the bull market since early 2023. 
As of May 1, STH-RP was recorded at $59,684, closely aligning with the critical $60,000 resistance zone. 
Caleb Franzen, CEO of Cubic Analysts, also pointed out the significance of this resistance level in his commentary on X. 
He mentioned that for a ‘risk-on’ scenario, a daily closure above $61,000 is crucial. 
“Lots of work to do,” he concluded, underscoring the challenges that lie ahead for Bitcoin to regain its upward momentum. 
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk">sales@cryptointelligence.co.uk</a>.

Bitcoin Struggles to Break $60,000 Barrier Amid Strong Technical Resistance

Crypto Intelligence

Other articles published on May 6, 2024

Just-In: Kraken To Offer Services In Germany In European Expansion Plan

Jack Dorsey Leaves Bluesky for Elon Musk’s X: A New Era for Bitcoin (BTC) in Freedom Tech

Lords of the Fallen and Sniper Ghost Warrior Contracts 2 Set to Join Xbox Game Pass

Seasoned Trader Preaches the need for Courage to Buy Dips in a Bullish Market, Followed Closely b...

Bitcoin Recorded One Billion Transactions On Bitcoin Network

A First Happened in Bitcoin After 800 Weeks!

Join our free newsletter for daily crypto updates!