Bitcoin's price faces significant challenges, as it struggles to break through the $60,000 resistance mark. This resistance is defined by two key trendlines: the 100-day moving average and a critical short-term holder realized price (STH-RP). Despite recent attempts to recover, Bitcoin's value has remained below these crucial levels, indicating a tough road ahead for bulls. The 100-day moving average, which has historically provided strong market support, now poses a major barrier that could either lead to a market rally if overcome or a setback if not. Similarly, the STH-RP trendline, representing the average cost basis of short-term Bitcoin holders, adds another layer of resistance near the $60K mark.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
