thecoinrepublic.com
- Bitcoin price erased its weekend lossed in a classic action which nonetheless kept it below the the price level of $60k
- After briefly breaking the $60k price mark, the coin witnessed some robust rejection
- It would be even healthier for the digital asset to continue its consolidation for the rest of this year
Bitcoin price has been showing its volatility amid hitting a new all-time high above $69k. Several retailers and whales are observing the fluctuation to make some gains. After achieving a new all time high record, BTC plunged by more than 16% within 15 days. However, as analysts deemed for more bearish performance, the price began to show some recovery signals. Indeed, as the week began, On Monday, it is observed that the flagship crypto asset erased its weekend lossed in a classic action which nonetheless kept it below the the price level of $60k.
Bitcoin price stayed true to form
Bitcoin price skyrocketed an hour before the Wall Street opening bell. According to data from CoinMarketCap, BTC surged by almost $3k in a span of a few minutes after hitting multi-day lows of $56,640 on Monday. However, after briefly breaking the $60k price mark, the coin witnessed some robust rejection. According to experts in the market, the latest performance clearly acted as resistance and a critical level to break in order to continue the bull run.
Following the scenario, analysts deemed that opinions continued to favour a return to full-on gains for BTC. However, the specter of the mission predicted “worst-case scenario” monthly close by a considerable margin sparking in the background.
Continuation of consolidation would be healthy
Observing the price movement, Rekt Capital summarized that the two most effective ways for the leading cryptocurrency to prolong the amount of time it spends in a bull cycle is either through extended consolidation or via deep corrections. According to experts, it would be even healthier for the digital asset to continue its consolidation for the rest of this year.
In recent price performance, Bitcoin price has shown a rejection of the exact same level as the red zone couldn’t break upwards. Notably, the red zone has been deemed to be a $60k resistance area which the asset requires to breakthrough.
Furthermore, it is noted that BTC’s action is rejecting heavily from that region, which results in a breakdown of the price towards the support levels. In such a way, as the coin stays below $60k, there is no reason for it to gain bullish momentum.
On Macro level
Though, Bitcoin price escaped unscathed in a daily market observing little by way of impressive performance from any token.On the another, ahdn, it is observed that the top ten digital assets by market cap were mostly all flat for a second day running. It is noted that on the macro level, Joe Biden nominated Jerome Powell to continue serving as the FED chair. Besides, the US dollar currency index is observed already at highs not seen over a year.