Bitcoin

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Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) faces major resistance, which is keeping the BTC price rebound below $60,000.
While recovering up to 6.2% from this week’s lows, BTC/USD has not managed to break through key trendlines, data from <a href="https://subscription.cointelegraph.com/" rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCGBP/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> confirms.
<h2 data-ct-non-breakable="true" id="moving-average-threatens-btc-price-ordeal">Moving average threatens BTC price "ordeal”</h2>
Bitcoin saw a 23% pullback from all-time highs through April and into May, and so far, the odds of a return to BTC price discovery remain low.
As Cointelegraph reported, Arthur Hayes, former CEO of crypto exchange BitMEX, <a href="https://cointelegraph.com/news/bitcoin-bottom-in-headed-slow-grind-higher-bitmex-arthur-hayes" rel="noopener noreferrer nofollow">expects rangebound trading below $70,000</a> to characterize BTC/USD through August.
First, however, $60,000 must be reclaimed, and so far, the trendlines guarding it are winning out over bulls.
On the radar is Bitcoin’s 100-day moving average (MA), currently at $59,930 as of May 3.
This trendline has acted as market support since October 2023 and provided a floor through the first half of 2023’s Bitcoin bull market.
Now, however, the price is printing full daily candles below it.
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-05/c2df681d-982d-45a5-9a53-bd7ea5ff2ca8.png" alt="" title="">
 <figcaption style="text-align: center;">BTC/USD 1-day chart with 100 SMA. Source: TradingView
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<a href="https://twitter.com/MI_Algos/status/1786225834182725763" target="_blank" rel="noopener noreferrer nofollow">Commenting</a> on the phenomenon, trading resource Material Indicators agreed that bulls were “running into strong technical resistance at the 100-Day MA.”
An accompanying chart showed one of Material Indicators’ proprietary trading tools flashing green on daily timeframes.
“Reclaiming the 100-Day Moving Average would be a big deal for Bitcoin Bulls that could lead to a short squeeze,” co-founder Keith Alan <a href="https://twitter.com/KAProductions/status/1786162966242402545" target="_blank" rel="noopener noreferrer nofollow">continued</a> in a post on X.
<blockquote data-ct-non-breakable="true">
 “A rejection would be an ordeal.”
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<h2 data-ct-non-breakable="true" id="bitcoin-short-term-holders-underwater">Bitcoin short-term holders underwater</h2>
Another BTC price hurdle to clear on the road to recovery is a classic bull market support line — the short-term holder realized price (STH-RP).
Related: <a href="https://cointelegraph.com/news/bitcoin-price-correction-common-56k-lows-hold-peter-brandt" rel="noopener noreferrer nofollow">Bitcoin price correction ‘very common’ if $56K lows hold — Peter Brandt</a>
This refers to the aggregate cost basis of more speculative Bitcoin hodlers — wallets storing BTC for 155 days or less.
When the price returns to STH-RP — which occurred multiple times in recent weeks — it can act as solid support, as it did for much of the bull market since early 2023.
STH-RP sat at $59,684 on May 1, the latest date for which figures are available on the on-chain data resource <a href="https://www.lookintobitcoin.com/charts/short-term-holder-realized-price/" target="_blank" rel="noopener noreferrer nofollow">Look Into Bitcoin</a>.
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-05/5ff2aa89-173d-4cad-97c5-470df19a80bb.png" alt="" title="">
 <figcaption style="text-align: center;">Bitcoin STH-RP chart. Source: Look Into Bitcoin
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The metric thus forms another key trendline concentrated within close proximity to $60,000.
In his latest X commentary, Caleb Franzen, CEO of Cubic Analysts, included STH-RP in his own selection of resistance levels to clear.
“My personal line in the sand for ‘risk-on’ is a daily close above $61k. Lots of work to do,” he concluded.
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-05/2e118a3a-0fa9-43e4-9a4a-11bbbb6da829.jpeg" alt="" title="">
 <figcaption style="text-align: center;">BTC/USD chart. Source: <a href="https://twitter.com/CalebFranzen/status/1786136435331895343/photo/1" target="_blank" rel="noopener noreferrer nofollow">Caleb Franzen</a>
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin price is failing to break these 2 key resistance lines at $60K

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Cointelegraph

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