Bitcoin (BTC) Resilience: Reclaims $60,000 Support Level Amid Market Turbulence
Bitcoin (BTC) has shown resilience by reclaiming the crucial $60,000 support level after a recent dip, according to data from CryptoSlate. The flagship cryptocurrency was trading at $60,800 at the time of writing, bouncing back from a low of $59,100 on April 30.
The wider crypto market also experienced significant losses, with major caps down between 5% to 10%. Ethereum (ETH) was trading at $3022 after falling to $2919, while BNB was at $580 after recovering from $555. Solana (SOL) saw a 9% drop to $121 before rebounding to $128.
A Glassnode report suggests that Bitcoin’s recent “euphoria phase” may be coming to an end, signaling a potential bottom for its price. The cryptocurrency surged to an all-time high of $73,000 in March before retracing to the $60,000-$67,500 range. The cooling phase is attributed to newer investors taking profits and contributing to sell-side pressure.
Despite the current downturn, Glassnode believes the market may be nearing seller exhaustion, particularly among short-term holders. The cost basis of investors holding Bitcoin for one week to one month is at $66,700, aligning with their realized losses since mid-March.
While the market outlook remains cautiously optimistic as long as Bitcoin stays above $60,000, sentiment is bearish in the short term if this level is not maintained. Economic data, regulatory developments, and geopolitical factors are expected to influence the direction of Bitcoin and the broader crypto market moving forward.
