Bitcoin faces resistance at $60,000, crucial battleground with increased volatility

From Investing.com

August 18, 2024 09:00 AM:

Bitcoin (BTC) hits $60,000, faces resistance as it hovers above 200 EMA at $59,548. Bulls and bears battle fiercely at this level, making it a crucial battleground for the market. Volatility increases at $60,000, with potential for higher resistance testing if sustained.

Resistance at $60,000 aligns with daily chart’s 50 EMA, historically leading to severe pullbacks without sustained upward momentum. Break above $61,000 could trigger longer-term rally. Support at $59,548 with 200 EMA serving as key indicator for Bitcoin’s next move. Failure may lead to retest of lower support levels.

Bitcoin’s $60,000 breakthrough a significant psychological boost, but caution advised as selling pressure hampers sustained rise. Traders advised to monitor critical levels closely for short-term trajectory. Bulls and bears lock horns at $60,000, expect increased volatility. Engagement critical for potential recovery or downward trend.

Read more at Investing.com: 3 Levels to Watch By U.Today