Bitcoin Price Prediction: BTC Above Key $60K Support as Whales Turn Cautious

TLDR

• BTC retests former 2024 breakout zone near $60K support.
• Sharp selloff hints at liquidation-driven pressure.
• Whale activity slows, keeping momentum capped.
• 200-week EMA remains key to macro bull structure.

Bitcoin(BTC) trades above the $60,000 zone after a sharp selloff into a major weekly support. Analysts are watching whether buyers defend the former breakout zone. The reaction could shape the next move toward recovery or expose the market to deeper retracement levels.

Bitcoin Price Retests 2024 Breakout Zone

According to analyst Cyril-DeFi, Bitcoin price has returned to the zone that capped rallies throughout 2024. That barrier later flipped into support after the breakout sparked a run toward six figures. The market is now approaching the zone from above following months of distribution.

More so, the speed of the decline stands out on the weekly timeframe. Large sell candles point to liquidation-driven pressure rather than a gradual shift in trend. Fast moves into high-timeframe demand often trigger responsive buying from sidelined participants.

Moreover, several historical support layers remain intact below the current range. A firm hold would confirm a classic resistance-to-support retest within an ongoing uptrend. Failure, however, could send price toward the mid-$50,000s and the next demand cluster.

Whales Quiet as Liquidity Cushions Bitcoin Price

Meanwhile, analyst CW examined order-flow dynamics instead of chart patterns. Heatmap data suggest that large players have reduced aggressive positioning compared to previous phases. Passive liquidity still sits below, but initiative buying remains limited.

Notably, this backdrop has led to muted behavior following the drop. Bitcoin price bounces lack strength, and rallies struggle to extend beyond nearby resistance. Smaller traders remain active, yet the absence of whale participation caps momentum.

In addition, the structure favors patience rather than urgency. Re-accumulation periods historically last longer than many expect. A return of strong bids could quickly change conditions, but range trading dominates for now.

Bitcoin Price Holds Critical 200-Week EMA

According to analyst CryptoJack, Bitcoin price continues to respect the 200-week exponential moving average(EMA). This indicator has historically defined the boundary between macro bear markets and long-term recovery phases. Previous contacts often preceded powerful expansions.

The current interaction follows a cooling period from cycle highs. Points noted on the chart highlight how earlier tests led to stabilization. As long as weekly closes remain above the line, the broader bullish structure remains.

However, the level is not guaranteed to hold indefinitely. A decisive break beneath the average would likely alter sentiment across derivatives and spot markets. For the moment, traders consider this zone as a reference for risk management.

The post Bitcoin Price Prediction: BTC Above Key $60K Support as Whales Turn Cautious appeared first on CoinCentral.