The price of Bitcoin displays unusual volatility as weekly, monthly, and quarterly closings approach.
Traders are preparing for interesting BTC price movements, with significant bids ready below $60,000.
Bitcoin Rebounds After Dropping Below $60,000
After dropping below the $60,000 mark for the first time in three weeks, Bitcoin has rebounded to reach an intraday peak of $61,668.
This increase occurred as traders position themselves for significant period-end closings.
Market data indicates that the $60,583 level is the key support level to the downside for Bitcoin, with a significant wall of sell orders below. On the upside, resistance is around $61,600.
Despite the recent price drop, some analysts remain optimistic about Bitcoin’s future trends. They expect the correction phase to be ending.
Furthermore, these analysts foresee a price increase in the coming weeks. Other analysts are more cautious and have recently revised their short-term price forecasts downward.
The $95,000 Target Postponed
Some experts have recently admitted that the $95,000 short-term price target for Bitcoin is unlikely to be reached. However, these experts have reaffirmed that Bitcoin will reach this target at some point in the future.
The price of the star cryptocurrency is at a significant crossroads, with conflicting signals indicating both potential upward and downward movements.
Moreover, investors and traders will closely monitor the period-end closings for clues on the future market direction.
