After yesterday’s fall below $60000, the price of Bitcoin was able to return above this level and at the time of publication, the price of Bitcoin is trading in the area of 60900 dollars.
As we wrote yesterday, analysts associate the current price pullback with the desire of investors to buy as many coins as possible before the next price jump. Analysts predict that Bitcoin’s price will soon hit $70000 and may rise to $100000 by the end of the year. Therefore, holders are using pullbacks to accumulate more BTC amid speculation about another colossal rise.
Since the price of Bitcoin has risen by almost $1500 in an hour today, we believe that the price pullback is over. The level of 60000 provides enough support for Bitcoin. The bulls do not agree to lower the price of the asset below this level.
On the chart, we expect a strong upward breakout of the level of 61000 to confirm the assumption and the completion of the price pullback. After the breakout, the Bitcoin price will quickly rise to the area of 62000 and also easily break it. The next major resistance is around the 64000 level.
However, if the price of Bitcoin cannot hold above $60000 today, it could begin a new phase of decline. In this case, the bulls will have to catch the price of Bitcoin in the area of yesterday’s low of $58200.
The level of 58000 dollars provides enough support for Bitcoin. But if the price falls below this level, it may continue to decline to the area of 57200 dollars.
