The leading cryptocurrency, Bitcoin, is stuck between $60,000 and $62,000. According to recent analyses, $BTC is testing the $60,000 support level due to the lack of recovery catalysts.
In this context, although Bitcoin rose above $65,000 on Monday, it subsequently fell back to the $62,000 level. The market is now focused on whether the $60,000 support level will hold. It is noted in the market that $60,000 is seen as the most important short-term technical and psychological support level.
According to analysts, institutional investors, who led the rally in the current cycle, are reducing their risk, making a strong recovery unlikely until ETF flows reverse again.
While $60,000 is critical for Bitcoin, one analyst suggested that if $BTC breaks the $60,000 support level, it could fall as low as $46,000.
At this point, popular cryptocurrency analyst Ali Martinez stated in a post on his X account that if Bitcoin loses its on-chain support of $60,587, it could fall to $46,702 and even potentially to $37,867.
Based on on-chain data, the analyst noted that the $60,000 to $63,000 range is a significant demand zone where more than 1.3 million $BTC is traded.
According to the analyst, maintaining the $60,587 support level is crucial to preserving the current market structure. If this price is broken, a drop to the $46,702 level, where 150,000 $BTC is currently trading, is possible. If this support is also broken, the next significant support area will be the $37,867 level, where 207,000 $BTC is currently trading.
Finally, analyst Murphy, using a pseudonym, also highlighted the importance of $60,000, stating that Bitcoin would find strong support around the $60,000 level near the June 26 option expiry and that a drop below this level was unlikely.
According to the analyst, a total of 4,620 $BTC of put options positions have accumulated at the $60,000 strike price, creating a strong put wall that generates significant buying power and will provide solid support as the price approaches this level.
In this context, the analyst considers $60,000 a strong short-term support level and remains cautiously optimistic about Bitcoin’s short-term performance.
*This is not investment advice.
