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<p><a href="https://captainaltcoin.com/dormant-bitcoin-wallet-from-2011-moves-30000000-worth-of-btc/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s price action</a> at the $60,000 level remains critical with analysts Sjuul from AltCryptoGems and Michaël van de Poppe underscoring its importance.</p>
<p>Both share their perspectives and highlight potential bullish retests and the risks of a drop below this threshold. As the market anticipates key economic events, their insights offer guidance on navigating this pivotal period for Bitcoin.</p>
<h2 class="wp-block-heading" id="strong-the-importance-of-60k-strong"><strong>The Importance of $60K</strong></h2>
<p><a href="https://x.com/AltCryptoGems/status/1789926670758973728" target="_blank" rel="noopener noreferrer nofollow">According</a> to Sjuul, the $60,000 level holds key importance on the weekly chart. Over the last four years, this level has marked a substantial price range. Remaining above $60,000 indicates a bullish retest, transforming previous resistance into new support. However, dropping below $60,000 suggests a return to the broader range, rendering the upward movement lately a deviation.</p>
<p>Zooming in on the 4-hour chart, Sjuul highlights a 75-day consolidation zone, with $60,000 as the support. During this period, Bitcoin has moved sideways, frequently testing the range’s extremes without a clear resolution. Sjuul emphasizes that range-bound formations remain neutral until broken, making it crucial to observe how Bitcoin navigates this level.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="640" src="https://captainaltcoin.com/wp-content/uploads/2024/05/image-377-1024x640.png" alt="" class="wp-image-490532" srcset="https://captainaltcoin.com/wp-content/uploads/2024/05/image-377-1024x640.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-377-300x188.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-377-768x480.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-377-1536x960.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-377-2048x1280.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-377-240x150.png 240w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-377-100x63.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-377-560x350.png 560w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-377-788x492.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-377.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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<h2 class="wp-block-heading" id="strong-technical-indicators-and-market-sentiment-strong"><strong>Technical Indicators and Market Sentiment</strong></h2>
<p>Sjuul maintains a bullish bias, favoring long positions as long as the $60,000 support holds. He advises against shorting at support, as it’s typically a poor strategic move. Instead, traders should consider opening short positions at resistance levels.</p>
<p>For those hesitant to go long, Sjuul recommends monitoring the 4-hour EMA200. This trend indicator often signals strength in Bitcoin; once reclaimed, a rally typically follows. Currently, Bitcoin sits just below this indicator, suggesting that traders should wait for a clear signal before taking positions.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="640" src="https://captainaltcoin.com/wp-content/uploads/2024/05/image-378-1024x640.png" alt="" class="wp-image-490540" srcset="https://captainaltcoin.com/wp-content/uploads/2024/05/image-378-1024x640.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-378-300x188.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-378-768x480.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-378-1536x960.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-378-2048x1280.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-378-240x150.png 240w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-378-100x63.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-378-560x350.png 560w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-378-788x492.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/05/image-378.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Liquidity analysis on the liquidation heatmap reveals that most liquidity resides above the current price, with notable liquidity around $50,000 already taken.</p>
<p>Consequently, this suggests a potential upward movement. Sjuul also notes a flat funding rate, indicating a balanced market between spot and perpetual positions. This balance contributes to a healthier market environment.</p>
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<h2 class="wp-block-heading" id="strong-potential-market-movements-strong"><strong>Potential Market Movements</strong></h2>
<p>Michaël van de Poppe <a href="https://x.com/CryptoMichNL/status/1789940646205087881" target="_blank" rel="noopener noreferrer nofollow">echoes</a> the importance of the $60,000 support level. He advocates for holding this level, noting that losing it could prompt a test between $52,000 and $55,000. Van de Poppe advises continued accumulation and patience, particularly in light of upcoming economic events.&nbsp;</p>
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<p>Moreover, this week features key economic indicators, including the Producer Price Index (PPI) and the Consumer Price Index (CPI) on Wednesday. These events could introduce volatility into the market.</p>
<p>Bitcoin’s $60,000 level remains a critical battleground for bulls and bears. As Sjuul from AltCryptoGems and Michaël van de Poppe outline, holding above this level suggests a bullish retest, transforming resistance into support. However, dropping below it could signify a return to a broader range, with potential tests at lower levels.&nbsp;</p>
<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/expert-predicts-if-bitcoin-reclaims-this-key-support-level-btc-price-is-likely-to-hit-76610-but-theres-a-catch/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Expert Predicts: If Bitcoin Reclaims This Key Support Level, BTC Price Is ‘Likely’ to Hit $76,610, But There’s a Catch</em></strong></a></p>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-price-holds-above-60k-crypto-analysts-warn-why-this-level-is-crucial-for-btc/" rel="noopener noreferrer nofollow">Bitcoin Price Holds Above $60k, Crypto Analysts Warn Why This Level is Crucial for BTC</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin Price Holds Above $60k, Crypto Analysts Warn Why This Level is Crucial for BTC

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