Bitcoin Approaches $60,000 with Positive On-Chain Signals

Bitcoin has risen to $57,700 at the current moment, edging closer to the critical $60,000 level, accompanied by positive on-chain signals signaling a resurgence in the upward trend.

Azcnews Bitcoin Approaches $60,000 With Positive On Chain Signals

Bitcoin is currently trading around $57,700, edging closer to the critical $60,000 level, as the market shows signs of recovery. However, it remains trapped in a downward trend. For a more bullish scenario, a confirmed close above $60,000 would be ideal.

Given the recent strong sell-off that pushed BTC down to a low of $53,500, there is still optimism. Some traders believe Bitcoin is preparing for a stronger rally, as indicated by the Puell Multiple. This essential tool helps assess miner profitability across various price levels, determining whether Bitcoin is overpriced or undervalued.

Puell Multiple
Puell Multiple

According to CryptoQuant data, the Bitcoin market may have hit a bottom, with last week’s downturn serving as a rebound from June’s decline. By analyzing the Puell Multiple, users can predict whether the correction has concluded or is just beginning.

Historically, when this indicator is low, it often signals a favorable buying opportunity for traders calculating price bottoms during market downturns. Identifying such entry points becomes easier when considering the Puell Multiple.

Bitcoin’s Puell Multiple is currently decreasing, following a pattern observed in 2016 and 2020 before significant price surges. This suggests that the ongoing decline has compelled long-term holders to liquidate their positions, potentially signaling its end. However, whether the subsequent price increase is in its early stages remains to be seen.

Bitcoin Chart
Bitcoin Chart

As of now, Bitcoin has remained stable, recovering 7% from its lowest point in July 2024. Despite lingering optimism, the recent breach of the May and June 2024 lows indicates bearish control.

Related: Comparing ETH with BTC Before ETF Launch

For the upward trend to continue, as previously mentioned, buyers must close above $60,000. Yet, more conservative traders may look for confirmed closures above $66,000 and $72,000, signaling significant trend changes. In such a scenario, Bitcoin could retest and even surpass $73,800.


(2 votes)

Leave a Reply

Your email address will not be published. Required fields are marked *


Azcnews Elon Musk Joe Biden

News | Editor Choice | Policy & Regulations

Elon Musk Ends X Feature Amid Trump vs. Biden Saga

Elon Musk has recently stated that he asked to end a special feature on his social media platform X amid the ongoing Trump vs. Biden chronicles in the U.S. elections.

Binance Announces Listing Of Banana Gun (banana)

News | Altcoin | Editor Choice

Binance Announces Listing of Banana Gun (BANANA)

The Binance exchange has announced the listing of Banana Gun (BANANA), and this is also the first project on the Binance Airdrops Portal!

Azcnews Whales Accumulate Dogecoin Amid Price Recovery

News | Altcoin | Editor Choice

Whales Accumulate Dogecoin Amid Price Recovery

Recently, Dogecoin investors have accumulated over 60 million tokens. Some analysts believe the current price drop is only temporary.

Pixelverse Officially Announces Pixfi Token Airdrop

Editor Choice | Altcoin | News

Pixelverse Officially Announces PIXFI Token Airdrop

The renowned game Pixelverse, which has attracted close to 80 million users, has finally announced an airdrop for the community through PixelTap and the Dashboard.

Azcnews Bitcoin Drops To $64,000 Amid Us Stock Market Plunge

News | Bitcoin | Editor Choice

Bitcoin Drops to $64,000 Amid U.S. Stock Market Plunge

Bitcoin has corrected back below $64,000 as the U.S. stock market experiences a sharp decline.