Bitcoin (BTC) closed the daily candle with a robust 7.5% gain, signaling strong bullish momentum.Let’s examine why the $60,000 price has been a crucial entry point for investors and traders.The price is currently navigating within the daily Ichimoku Cloud, a critical technical indicator of market sentiment. A breakout above the cloud’s upper boundary would signify a potential continuation of the upward trend. Conversely, the cloud’s lower boundary around $62,000 and the 0.618 Fibonacci retracement level at $60,135 provide strong support levels. The chart shows that the price has tested the $60,000 level multiple times, establishing it as a strong support. Let’s explore the reasons behind this.Read More: Who Owns the Most Bitcoin in 2024?Bitcoin’s upward momentum is strongly supported by the aggressive rise in supply held by new whales. A cohort of large holders who have significantly increased their accumulation. This trend is evident as the realized price for these new whales is a major support level. Bitcoin consistently marks $60,000 as a critical threshold. Each time Bitcoin hits this price, new whales step in to accumulate, reinforcing $60,000 as a robust support level and underpinning Bitcoin’s continued rise.The realized price spectrum is a crucial tool for navigating bull markets. Providing insights into average acquisition prices across different holder cohorts. The short-term holders’ realized price, representing the average acquisition price for short-term holders, is acting as a support level, effectively timing market lows during this bull market.The realized price spectrum helps monitor Bitcoin’s risk during market cycles. Currently, Bitcoin’s price is trading above all realized prices in the spectrum, which is a bullish signal indicative of a strong upward trend. This positioning highlights market confidence and potential for further gains.Read more: Bitcoin Price Prediction 2024/2025/2030DisclaimerIn line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
