News View Non-AMP

Will Bitcoin Breach $60,000? Key Data Points You Need to Know

Published by
Zameer Attar

MicroStrategy’s recent billion-dollar investment in Bitcoin (BTC), the world’s biggest cryptocurrency has turned the market sentiment to bullish. With this investment, BTC has reached its crucial resistance level of $60,000 and is just one step away from a significant rally. 

Bitcoin Technical Analysis and Upcoming Levels

According to expert technical analysis, Bitcoin appears bullish as it is currently trading above the 200 Exponential Moving Average (EMA) on a daily time frame. The 200 EMA is a technical indicator that signals whether the asset is in an uptrend or a downtrend. 

Despite being in an uptrend, Bitcoin is currently facing strong resistance at the $60,000 level. If BTC closes a daily candle above the $60,000 level, there is a high possibility it could experience a price surge of almost 11% to the $65,000 to its next resistance. 

Bullish On-chain Metrics

This bullish outlook is further backed by the on-chain metrics. Coinglass’s Long/Short ratio currently stands at 1.0446 indicating traders’ bullish market sentiment. At present 51.09% of top BTC traders hold long positions, while 48.91% hold short positions. 

Additionally, BTC’s future open interest has increased by 2.03% and has been steadily rising since September 9, 2024. This increasing open interest indicates that bulls are placing more bids on long positions in the hope that Bitcoin may breach the resistance level.

Major Liquidation Level

As of now, the major liquidation levels are near $58,717 on the lower side and $60,100 on the upper side. According to Coinglass data, traders are over-leveraged at these levels.

As of writing, Bitcoin is trading near the $59,800 level and has experienced a price surge of over 3.1% in the last 24 hours. The major price surge in BTC occurred following MicroStrategy’s buying announcement. 

According to the coinmarketcap, BTC’s trading volume has declined by 4.5% during the same period. It appears that traders and investors still hesitating to participate, potentially due to the $60,000 strong resistance.

However, this bullish thesis will only hold if the BTC daily candle closes above the $60,000 level, otherwise, it may fail.

Also Check Out: SEC Hits Binance Hard For Operating Illegally: Now Claims These Token As Security

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

Recent Posts

Binance Coin (BNB) Price Analysis and Short-term Prediction

The altcoin market, led by Ethereum (ETH) and Binance Coin (BNB), has gradually gained ground…

June 4, 2025

Breaking: President Donald Trump’s Truth Social Files for Spot BTC ETF

Truth Social, a social media platform backed by the United States President Donald Trump, has…

June 4, 2025

Bitcoin ATH Incoming? Whale Accumulation Hints at Potential Bullish Breakout

After recording the highest monthly close in May, Bitcoin (BTC) is on the precipice of…

June 4, 2025

Eric Trump Denies Family Involvement of an Alleged Trump Wallet By Magic Eden (ME)

Magic Eden (ME), an established Solana (SOL)-based NFT marketplace, announced on Tuesday, during the mid-North…

June 4, 2025

Top 10 Meme Coins—Neiro, Turbo, and a Secret Presale Set to Jump 20.01% Into Stage 8

What if the next meme coin millionaire-maker isn’t barking or bouncing—but trolling through a live…

June 3, 2025

Money Flooding Into  Ethereum—Is the Momentum Building for the ETH Price Rally to $4000?

The Ethereum price is experiencing a notable surge, trading around $2625 after marking a significant…

June 3, 2025