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Is Bitcoin About to Surpass the $60,000 Mark?

Is Bitcoin About to Surpass the $60000 Mark

Solana is currently testing the 100-day EMA, closely probing the $140 mark. This is a pivotal moment for cryptocurrencies since the 100 EMA frequently serves as a reliable indicator of bullish or bearish movements. The rising trade volume that accompanies this price action provides a surprising turn in the story. 

If Solana can break beyond the 100 EMA, the next major obstacle will be around $150. Breaking beyond this level might signal the beginning of a longer-lasting rally. The increase in volume supports the theory of a breakout, suggesting that investor interest is growing and that accumulation may be possible at present levels.

Based on past price movements in this area, Solana finds a strong base at $115 on the support side. Its upward trajectory could be further solidified if it bounces vigorously off this support. 

Bitcoin Reaches a Critical Threshold.

Once again, Bitcoin is very close to the crucial $60,000 mark, indicating the possibility of another big surge. At over $59,000, the cryptocurrency is currently trading close to the 100-day EMA.

Even if we are approaching this critical level, the present market pace suggests that investors are cautious. The volume of trades and price changes point to a slower ascent than expected, which may hinder Bitcoin’s potential to cross the $60,000 threshold easily. 

After $60,000, the first area of resistance is around $63,500, a level that Bitcoin has recently approached but failed to decisively surpass. If Bitcoin can maintain momentum and break through the $60,000 barrier, a test of higher resistance around $66,000 is likely.

The Outstanding Performance of Dogecoin

Aside from the asset’s 80% profitability, the Dogecoin market exhibits a notable concentration of holdings, with 63% of the entire supply held by significant holders. Since the actions of a small number of people can have a large influence on the market price, this concentration may result in more price volatility. Furthermore, according to the holder composition by time held, a majority of holders, or 65%, have held their tokens for more than a year, which suggests significant holder loyalty or long-term speculation.

The majority of market signals for Dogecoin are negative overall, while on-chain signals suggest a slight bearish mood due to significant transactions and a slight decline in the money metric. This may indicate that investors respond cautiously to recent price moves or general market circumstances. 

According to Dogecoin’s price chart, it is testing a critical support level at $0.12, which is the 200 EMA’s representation. Resistance on the upside is $0.15334; a break above this could indicate the beginning of a possible comeback.

Also read: Upbit Overtakes Binance and Coinbase to Rank Among the Top Five Crypto Exchanges