Bitcoin needs $60K lifeline to trigger bullish momentum
Bitcoin is consolidating around $58.5K; present fundamentals indicate that bulls have difficulty breaking above the $60K line. Over the last day, BTC has attempted to break above this crucial level, but crypto buyers can’t keep the price above it.
Bitcoin in the past few days has been ranging between $57,115 and $62,066 with Fibonacci retracement levels of 38.2 percent and 61.8 percent, respectively.
The crypto asset reached an intraday high of about $60,200 before retracing to $58.3K. At 8.30 am GMT, it trades at $58.4K, up 10 basis points at Monday’s morning trading session.
As long as Bitcoin rebounds to $62K, which represents the 61.8% Fibonacci retracement, bulls have a case.
However, it might encounter some resistance because it forms a crucial resistance zone, in line with the previously broken trendline and the 100-day Exponential Moving Average, currently at $62,226). If $62,066 is not exceeded, there could be a decline to $57K and a possible 19% decline to return to the $49.9K daily support level.
However, if Bitcoin’s price can close above $62,066 then a move towards the high of $65,596 on August 2 would be expected as it would create a higher high on the daily chart.
This could result in an additional 6 percent price increase and a test of the weekly resistance at $69,648. As a result of its investments in cryptocurrency stocks, Norway currently indirectly owns 2,446 BTC. For Bitcoin, that is encouraging news. It presents a seductive picture of widespread sovereign support for Bitcoin.
The Norges Bank Investment Management fund rebalanced its portfolio and increased its exposure to Bitcoin.
The fund uses the substantial country’s oil earnings to finance successful ventures that benefit the Norwegian government. Norway’s public fund reduced the country’s holdings of large tech companies like Meta, from which it had made billions of dollars this year. The funds were transferred to Web3 stocks like Marathon Digital, Coinbase, MicroStrategy, and Block.
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