Bitcoin Price Hits $60,000: Experts Predict Continued Rally

Bitcoin has the potential to surge to $64,000 if its 4-hour candle manages to close strongly above the critical $60,700 level. The current market sentiment underwent a significant shift following Germany’s complete sell-off of its Bitcoin holdings. This change not only turned the overall cryptocurrency market green but also facilitated Bitcoin’s breakthrough past the $60,000 mark.

Bitcoin had been attempting to breach the $60,000 level since July 3, 2024, facing multiple rejections in the process. However, due to these repeated attempts, the resistance at this level weakened, ultimately allowing Bitcoin to surpass it this time. If Bitcoin can secure a robust daily candle closure above $60,700, there is a high likelihood of it reaching $64,000 in the near future.

Apart from Germany’s Bitcoin sell-off, another factor contributing to the slightly bullish market sentiment is the continuous influx into spot Bitcoin Exchange Traded Funds (ETFs). Even during a period of market downturn, ETF traders displayed strong confidence and interest in Bitcoin by capitalizing on the dip, as indicated by data from the on-chain analytics firm spotonchain.

Technical analysis experts suggest that Bitcoin is currently exhibiting bullish signs by trading above its 200 Exponential Moving Average (EMA) on a daily timeframe. This positioning above the 200 EMA typically signals bullish momentum in the chart. Furthermore, in a 4-hour timeframe, Bitcoin has formed a bullish ascending triangle price action pattern. A decisive candle closing above $60,700 could pave the way for a bullish move towards $64,000.

If Bitcoin does reach the $64,000 level, it is anticipated that nearly $1.22 billion worth of short positions will be liquidated. Additionally, data from the on-chain analytics firm CoinGlass reveals that bullish long positions have outweighed short positions over the past week.

At the time of reporting, Bitcoin was trading close to $60,140, experiencing a 3.5% upside movement in the last 24 hours. Concurrently, open interest (OI) has surged by 5.3%, indicating significant confidence and interest among investors and traders. Over the past week, Bitcoin has seen a price surge of over 4.6%, with other altcoins like Ethereum (ETH), Solana (SOL), Cardano (ADA), and XRP (XRP) also witnessing similar upward movements.