Bitcoin Price Trajectory: Analysts Eye this Key BTC Level for Potential Bullish Rally, But There’s a Catch
Bitcoin analysts are closely watching the $60,000 level as a key inflection point that could determine bitcoin’s near-term price trajectory, according to X commentary from popular crypto analysts. However, a sustained close below this level might signal further downside to the next key exponential moving average (EMA) level.
The 100-day EMA for bitcoin currently resides around $60,000. Analysts Ali (@ali_charts) and Captain Faibik (@CryptoFaibik) pointed out that the last time bitcoin’s relative strength index (RSI) dipped to around 36 while testing the 100-day EMA was in late January, which sparked a significant price rebound.
“The last time #Bitcoin tested the 100-day EMA while the RSI dipped to 36 was in late January, sparking a major price rebound. Now, $BTC is back at these levels! However, be cautious— a sustained close below the 100-day EMA might signal a drop toward the 200-day EMA,” Ali stated.
Captain Faibik (@CryptoFaibik) shared a bullish outlook, stating: “Last time, $BTC bounced back from the daily MA100, and now it’s testing it again.”
He believes that if bitcoin can bounce back from the current levels around the 100-day moving average, similar to the previous instance, it could kickstart a bullish rally in the coming days. Faibik even raised the possibility of bitcoin hitting a new all-time high this month if the rally materializes, though he didn’t provide specifics on the potential price levels.
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Fundamentals and On-chain Data Could Support BTC Price Rise
Tailwinds that could support a potential bitcoin price rise include the recent launch of the first bitcoin exchange-traded fund (ETF) in Hong Kong, which may attract fresh capital inflows from traditional investors. Bitcoin price action following the approval of a spot bitcoin ETF in the United States earlier this year is also cited as a bullish catalyst, with bitcoin surging from around $45,000 in January to over $73,000 by March.
On-chain analytics firm Santiment observed increasing levels of fear, uncertainty, and doubt (FUD) in the market, which they suggest could be a contrarian indicator pointing to an impending relief rally. “After #Bitcoin’s -6.0% drop in the past 24 hours, we’re starting to see an appealing level of #FUD that could be indicating a relief rally is around the corner,” Santiment tweeted.
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Show more +The Catch: A Close Above $60K Is Needed
However, the analysts warn that a sustained close below the $60,000 level, which coincides with the 100-day EMA, could signal further downside toward the 200-day EMA, currently residing around $53,000. At the time of writing, bitcoin is trading around $58,000, leaving traders to exercise patience as price action can be unpredictable, and various factors can influence cryptocurrency prices.
As analysts closely monitor the $60,000 level, a decisive close above this key technical resistance in the short-term could potentially catalyze a bullish rally, while a failure to hold could open the door for further downside towards the $53,000 area.
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