William Suberg1 hour agoBitcoin price is failing to break these 2 key resistance lines at $60KBitcoin bulls have “lots of work to do” as they attempt to claw back lost ground after two-month BTC price lows.932 Total views1 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) faces major resistance, which is keeping the BTC price rebound below $60,000.
While recovering up to 6.2% from this week’s lows, BTC/USD has not managed to break through key trendlines, data from Cointelegraph Markets Pro and TradingView confirms.Moving average threatens BTC price "ordeal”
Bitcoin saw a 23% pullback from all-time highs through April and into May, and so far, the odds of a return to BTC price discovery remain low.
As Cointelegraph reported, Arthur Hayes, former CEO of crypto exchange BitMEX, expects rangebound trading below $70,000 to characterize BTC/USD through August.
First, however, $60,000 must be reclaimed, and so far, the trendlines guarding it are winning out over bulls.
On the radar is Bitcoin’s 100-day moving average (MA), currently at $59,930 as of May 3.
This trendline has acted as market support since October 2023 and provided a floor through the first half of 2023’s Bitcoin bull market.
Now, however, the price is printing full daily candles below it.BTC/USD 1-day chart with 100 SMA. Source: TradingView
Commenting on the phenomenon, trading resource Material Indicators agreed that bulls were “running into strong technical resistance at the 100-Day MA.”
An accompanying chart showed one of Material Indicators’ proprietary trading tools flashing green on daily timeframes.
“Reclaiming the 100-Day Moving Average would be a big deal for Bitcoin Bulls that could lead to a short squeeze,” co-founder Keith Alan continued in a post on X.“A rejection would be an ordeal.”Bitcoin short-term holders underwater
Another BTC price hurdle to clear on the road to recovery is a classic bull market support line — the short-term holder realized price (STH-RP).
Related: Bitcoin price correction ‘very common’ if $56K lows hold — Peter Brandt
This refers to the aggregate cost basis of more speculative Bitcoin hodlers — wallets storing BTC for 155 days or less.
When the price returns to STH-RP — which occurred multiple times in recent weeks — it can act as solid support, as it did for much of the bull market since early 2023.
STH-RP sat at $59,684 on May 1, the latest date for which figures are available on the on-chain data resource Look Into Bitcoin.Bitcoin STH-RP chart. Source: Look Into Bitcoin
The metric thus forms another key trendline concentrated within close proximity to $60,000.
In his latest X commentary, Caleb Franzen, CEO of Cubic Analysts, included STH-RP in his own selection of resistance levels to clear.
“My personal line in the sand for ‘risk-on’ is a daily close above $61k. Lots of work to do,” he concluded.BTC/USD chart. Source: Caleb Franzen
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# MarketsAdd reaction