Are BTC Bulls Really Back or Break Above $60,000 Fake?

Bitcoin price has finally found support and is showing a rapid recovery. However, there is still a major hurdle to overcome.

Technical Analysis

By TradingRage

The daily chart

On the daily chart, BTC price has seen a massive drop since it was rejected from the $68,000 resistance level.

However, the decline stopped around $50,000, and the market has since climbed back above the $60,000 resistance level.

The price is currently testing the 200-day moving average, which is around $61,000. For BTC to continue its bullish run, the 200-day moving average must be broken to the upside as it is a key trend indicator.

Source: TradingView The 4-hour chart

Looking at the 4-hour period, the price has been making higher highs and lows since its V-shaped recovery from the $50,000 region.

The market has recovered $57,000 and $60,000. However, the break above $60,000 could be false if the market quickly turns lower. If not, the $64,000 resistance level would be the next target for BTC as it would likely continue towards a new all-time high.

Source: TradingView Sentiment Analysis

By TradingRage

Bitcoin Funding Fees

The futures market has played a major role in BTC’s short-term price action in recent months, and the past few weeks have been no exception. Therefore, analyzing futures market sentiment can be very beneficial.

This chart shows the Bitcoin funding rates metric, which measures whether buyers or sellers are more aggressive in executing their orders. Positive values ​​indicate bullish sentiment and negative values ​​are associated with bearish sentiment.

As the chart suggests, during the recent drop in prices, funding rates have shown significantly negative values. However, with the price recovery, funding rates have returned to positive territory. This is a classic bottoming pattern, which could indicate a price recovery. However, there are many other parameters, and this signal cannot be trusted alone.

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TradingView Cryptocurrency Charts.