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Bitcoin Records Gains Despite Falling Below $60,000

The digital asset space has been recording some new gains, following the current market situation that positively affects more digital assets. The asset had reached the $60,000 level but fell slightly when it failed to move above the range. This shows that the momentum is weak, and the bulls have to be active to take the mark to another level.

Besides Bitcoin’s growth, other coins have been adding new gains, which confirms the market’s bullish activities. The victory around the $60,000 mark was short-lived even with the $58,000 support, which prevented it from recording more significant falls. Bitcoin had struggled before achieving that level, which didn’t last long, disappointing the market. The crypto’s next level would be around the $60,000 to record more gains up the charts.

Bitcoin records new gains

The asset’s current resistance point holds at around $60,000, $61,000 and $62,000, while the support gives around the $40,000, $39,000 and $38,000 marks. Fortunately, the $58,000 support level still holds the coin in place despite losing its recently gotten high. The support has helped the crypto achieve some notable level, and it still continues to push it past some difficult resistance points. For the crypto to move above the $60,000 mark, the bulls have to defend the current support, which would make the uptrend easier to achieve.

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The asset has successfully taken the $60,000 mark, but the current problem is moving above that level as the mark remains a notable resistance point for the asset. Once the coin retakes the mark, it might see some difficulties around the $61,000 mark, which would likely cause more unexpected falls. Charts show that the asset could hit as high as $70,000 once the $62,000 support is in place. It’s safe to note that the crypto is currently around the overbought region, which means that it might not rally due to the situation.

Many countries sell Bitcoin gotten from criminals

In other news, South Korea has recorded some notable gains from Bitcoin gotten from criminals. Criminals use the decentralized platform to make anonymous transfers, and such funds could be for laundering or terrorism. This is why many governments are agitating for regulating the digital asset space to ensure that criminals would not use it for malign and illicit purposes.

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Asides from South Korea’s crypto holding, America has also sold Bitcoin gotten from criminals through auctioning. The country has lost millions in profits for selling the crypto around that time range when it could have been sold for much more.

It’s safe to note that the coin has been unstable and has been hitting below and above the $60,000 level, and this shows that the coin might be on the verge of a breakout. The asset’s global acceptability has helped it attract more buyers and, in turn, moved it to the next level. While Bitcoin’s future remains unpredictable, its current level above the $59,000 mark shows that the bulls would likely retake the $60,000 before a possible surge or fall would come in place.

Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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