- Bitcoin is testing the crucial $60,000 support level as Wall Street trading resumes.
- Analysts are divided between a prolonged consolidation phase and a deeper bear-market breakdown.
- Macroeconomic headwinds, including a weak Japanese yen and geopolitical tensions, are pressuring risk assets.
- The cryptocurrency’s ability to hold support will be key for its narrative decoupling from traditional equities.
Bitcoin approached intraday highs on Monday as the key $60,000 support level held firm ahead of the Wall Street open. This followed the cryptocurrency’s lowest weekly close since October 2024, with attention intensely focused on preventing another retest of that critical price floor.
Data from TradingView showed selling pressure easing after the weekly close. However, bullish sentiment remains scarce across both short and longer time frames.
Trader Daan Crypto Trades forecast a potential ranging market in his latest analysis on X. “I can easily see us trade in this $60K-$80K region for quite a while,” he wrote.
Consequently, analyst Rekt Capital warned followers to watch for a failed rebound. He told X that Bitcoin had tagged its 200-week simple moving average, a significant bear-market feature.
Meanwhile, macroeconomic factors are creating headwinds for crypto. These include Federal Reserve rate expectations, the yen passing 160 per dollar, and the US-Iran war.
Trading resource QCP Capital detailed these challenges in its latest Market Color bulletin. “BTC is effectively being asked to perform while oil, rates, FX and geopolitics are all tapping it on the shoulder,” the firm wrote.
Therefore, Bitcoin’s next moves will test its recent divergence from traditional stocks. If crypto holds while equities correct, it may build a cleaner standalone narrative.
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