#BTCProbes60KKeySupportLevel

Bitcoin is testing the $60K level. This feels like a critical moment.

When Bitcoin is above $60K, people who buy Bitcoin feel like they are in control.. When the price of Bitcoin starts going below $60K people start to get scared.

Now the market is being very careful.

Some people who buy Bitcoin will say that this is a normal test after the price of Bitcoin went up and down a lot recently.. They have a good point. When Bitcoin is going up a lot it often comes back to a level where people're not sure what will happen next before it keeps going up. If people who buy Bitcoin can keep the price above $60K with a lot of buying we might see the price of Bitcoin go up again and people who are selling Bitcoin might lose money.

We also have to think about what might happen if the price of Bitcoin goes below $60K.

If Bitcoin keeps trying to stay above $60K but fails that level will get weaker. Every time the price of Bitcoin bounces back but then gets sold it makes it harder for people who buy Bitcoin to keep the price up. If Bitcoin goes below $60K for sure I would not be surprised if a lot of people start selling Bitcoin

What I am watching is not the price of Bitcoin it is how people are reacting.

Can Bitcoin go up to higher levels quickly?

Are people buying Bitcoin now?

Is the number of people buying and selling Bitcoin showing that they really believe in it?

That is more important than looking at the price.

There are also things that can affect the price of Bitcoin like people worrying about inflation what might happen with interest rates and how people are feeling about risk in general.

My current thought is that I am hopeful about Bitcoin long as it stays above $60K but I am not just buying it every time the price goes down. It is better to wait and see what happens.

Sometimes the best thing to do is wait until you're sure what will happen instead of trying to guess exactly when the price will go back up.

This feels like a decision, for the market.

Do you think Bitcoin will stay above $60K and go up or are we going to see the price go down even more?

#GateSquare #BTC #Bitcoin