Bitcoin can sustain the $60,000 price level, historical data suggests

Bitcoin can sustain the $60,000 price level, historical data suggests

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Bitcoin (BTC) fell by nearly 6% in the last 24 hours and briefly lost the $60,000 price level. As BTC retests its previous all-time high as a support, the trader identified as Rekt Capital shared on X that history suggests the maintenance of this support with no further downside below it, as BTC was never capable of breaking the re-accumulation range resistance early in the post-halving period nor lost the support during this period.

The trader highlighted that Bitcoin could form a new pattern with today’s retrace, highlighting a downtrend channel on the weekly chart. “Monitoring as the retrace develops,” he added. 

Notably, the correction resulted in over $162 million in long BTC positions being liquidated in the last 24 hours. According to data aggregator Coinglass, long Bitcoin-related liquidations account for 51% of all the daily amounts lost by traders.

However, the current pullback might be healthy for the current bull cycle continuity, the trader explained. Since Bitcoin reached its current all-time high before the halving took place, the cycle was accelerated, and the recent corrections are a way to slow down the pace. 

“Bitcoin continues to reduce the rate of acceleration in this cycle through this consolidation in the ReAccumulation Range. Rate of acceleration has already dropped from 260 days to 160,” said Rekt Capital.

Moreover, as reported by Crypto Briefing, Bitfinex analysts also believe that a local bottom for Bitcoin is in. Last week, Bitcoin exchange-traded funds (ETF) experienced over $544 million in outflows, which is usually a sign of a bottom being formed. 

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Published at Tue, 25 Jun 2024 00:30:02 +0200

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