Bitcoin is demonstrating increased bullish pressure, which is evident from its ability to break through significant resistance levels. Analysts note that the cryptocurrency settled above the daily support and resistance level, indicating potential further growth.
Daily Close and its Significance
Analyst VeLLa Crypto remarked that daily support and resistance levels are essential, and Bitcoin recently closed above the crucial daily support and resistance level at $57,470. This positive trend was achieved alongside negative funding rates.
Key Support and Resistance Levels
The first level of sustainable support for Bitcoin lies at $56,500, where the price has rebounded. If the price returns to this level, it should be strong enough to prevent a deeper pullback. On the other hand, resistance areas are estimated at $60,791 and $62,877. Breaking these levels may sustain the upward trajectory.
Impact of Negative Funding Rates
Negative funding rates imply that more traders are short-selling in the market. Notably, traders who had short-sold were forced to buy back, which could further press the price upwards. The next areas of interest are in the $62,000 to $62,800 range.
With Bitcoin's current position above key support and resistance levels, analysts are optimistic about the cryptocurrency's potential for further growth. Attention should be given to the next key resistance levels at $62,000 and $62,800.
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