After nearly a month of trading below $60,000 and trying to break above the resistance level, Bitcoin has gathered enough momentum to break free and move past the mark. According to analysts, this move has been long overdue because the assets on-chain analysis has previously predicted the move a long time.
A look at major trading platforms would show that the digital asset entered the $60,000 price mark around midnight between Friday and today. Before this move, the digital asset has previously been attacking the $60,000 price mark hoping that it would one day overcome the resistance at that level.
The $60,000 price mark is strong support for Bitcoin
With Bitcoin now trading at $60,563, the digital asset might soon be on course for another bull run. Notably, the asset initially rallied to a region around $61,000 before seeing the bears take over briefly, bringing its price back to where it is now.
With the market seeing this remarkable turnaround, Lex Moskovski, an analyst at Quant, has mentioned that nothing less than $163 million worth of Bitcoin short was liquidated on the way to the new price move. He also positioned that holding bearish positions is becoming expensive these days as Bitcoin shows signs of another bull run.
Traders were the most surprised in the whole market as they have witnessed the asset trade sideways for the past few weeks, with some days seeing it touch intra day lows. The reasons behind the sudden surge past $60,000 are still yet unknown, as well as the strength of the $60,000 to act as solid support for the digital asset.
Analysts believes Bitcoin is in the bullish territory
One of the noticeable changes that were seen in the market was the decrease in the number of funding rates amongst major crypto exchanges. This meant that the market’s friction around the new price region reduced drastically, which was one of the primary triggers that pushed the market high. With that, most people had expected the market to go all the way over the top.
A typical example was an analyst and Decentrader co-founder, Filbfilb, who mentioned that looking at the technical market of Bitcoin at $58,000, it had some similarities with the market of the asset when it was at $20,000. Before his analysis, another trader had mentioned that Bitcoin still had more upward surges to make going by the recent action of its moving averages.
He looked at the Pi Cycle of the asset, which was derived from the 111-day moving average and the 350-day average multiplied by two. Finally, he pointed out that the market shows that Bitcoin is bullish for the main time, and he is keeping his fingers crossed till when the moving averages he mentioned above cross.
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