Bitcoin Price Analysis: This Critical Level Will Dictate Whether $68K or $60K is Next for BTC

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Bitcoin has undergone a bullish retracement over the past month, successfully surpassing several key resistance levels.

A detailed examination of Bitcoin’s daily chart reveals a notable increase in buying activity, as the price has experienced a period of bullish retracement, reclaiming multiple key resistance levels. However, after a significant 32% rise, BTC has now approached a decisive and substantial resistance zone, defined by the convergence of the 100-day and 200-day moving averages.

BTC has reclaimed two critical resistance levels at $56K and $60K. However, the price has also formed an ascending wedge pattern, which could signal a bearish continuation if it breaks downward. Conversely, if rejection occurs, the following line of defense for buyers will likely be the wedge’s lower boundary, around $62K.Analyzing futures market metrics for Bitcoin offers valuable insights that complement traditional price analysis. The chart focuses on the Taker Buy Sell Ratio, a key indicator that measures the relative aggressiveness of buyers versus sellers in executing orders.

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