Will BTC touch 60k again?

04/30/2021

Bitcoin's (BTC) 2021 performance has been impressive, but traders waiting for a record-breaking monthly candle were largely disappointed this week. After peaking at $64,900 on April 14, a jaw-breaking 27% correction followed, causing BTC price to drop to the $46,000 level.

This downside move wiped billions in a lightning strike that was previously unthinkable to most investors. Even though the Bitcoin price recovered $5,800 over the past 48-hours, in the markets, the bulls were not able to take the bears by surprise as both sides are virtually balanced.

Bitcoin Price Remains Bullish

Bitcoin formed a strong support base above the $53,000 level and it extended gains. At one time, there was also a push above the $55,500 level and the price traded as high as $55,782. If there is an upside break above the channel resistance, the price could continue to rise towards the $56,500 and $57,000 levels. The next major resistance is near the $58,000 level, above which the price could accelerate higher towards the $60,000 level.

Dips Limited in BTC?

If bitcoin fails to clear the $56,000 and $56,500 resistance levels, it could start a downside correction. An immediate support on the downside is near the $55,200 level.

The first key support is near the $55,000 level and the channel lower trend line. The 23.6% Fib retracement level of the recent upward move from the $47,000 swing low to $55,782 high is also near the $53,700 level.

If there are more losses, the price could slide towards the $52,000 support and 100 hourly simple moving average. The 50% Fib retracement level of the recent upward move from the $47,000 swing low to $55,782 high is also positioned near the $51,500 zone to provide support if there is an extended decline.

Bicoin Miners are HOLDing

Bitcoin miners play a critical role in securing the network. By channeling expensive computing resources from scarce and costly mining hardware, they are rewarded with 6.25 BTC–or over $180k, roughly every 10 minutes.

Successful mining pools, as data shows, now opt to accumulate their BTC holding instead of liquidating to meet operational costs. For their action, the crypto and Bitcoin trading community are upbeat, expecting prices to turn around from spot rates and resume the uptrend mirroring events of Q1 2021.

Fresh data shows that from the 5,956 BTC generated by mining pools in the last week, 5,701 BTC was spent, leading to a Miner’s Rolling Inventory (MRI) of 256 BTC.

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