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Bitcoin Tests the $60k Resistance as Bulls Rush to Defend Key Figure

Bitcoin fell again later on in the day and the index retraced back to $60k before recovering some value later on to $61k at press time. The largest digital currency by market capitalization recorded a new all time high of around $67k just two days ago but it has since shed some value in multiple phases. Overall, the value was reduced by around 10.44% from its recent highs.

Bitcoin Falls Back to Previous Support

Bitcoin is currently retracing some steps as the latest bull move above previous record levels has stalled, at least for now. However, this wasn’t out of the blue as we predicted such a move that will retest the $60k resistance. So far, the bulls are biding their time and haven’t had a reply yet but we cannot count them out considering the big move they have been able to produce in recent history.

Here is how the last 24 hours have fared in the market:

Bitcoin-2

Image Source: TradingView

The Future

The move below has dampened the bullish spirits ahead of the weekend and if it continues like this, the cryptocurrency won’t post a new all time high weekly close this time around like it did last week when it closed at around $61.3k. However, all major support levels remain intact and the bulls have no reason to worry about the immediate future. The $60k support level is crucial for them but it appears as if the bulls are looking to consolidate and turn more indicators green in the process before continuing on forward with the bull run.

Image Source: pixabay.com

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