Long Bear Market Alert as Bitcoin Faces Resistance at $60,000

Saturday, 31 August 2024, 15:13

Bitcoin struggles, with BTC lingering below $60,000 signaling potential long bear market risks. Critical analysts warn of a worrying price trajectory if BTC remains stagnant. With the warm supply realized price at $66,000, BTC must reclaim this level to inspire investor confidence.
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Long Bear Market Alert as Bitcoin Faces Resistance at $60,000

Bitcoin's Current Dilemma

Bitcoin is currently facing challenges as it attempts to regain its footing above the $60,000 mark after a significant sell-off. Analysts are raising alarms regarding a potential long-term bear market if BTC doesn't stabilize.

Importance of the Warm Supply Realized Price

The warm supply realized price stands at $66,000. Analysts emphasize that Bitcoin’s ability to stay above this benchmark is crucial for a bullish trend. A dip below this level could trigger a drawn-out decline.

  • Historical analysis indicates Bitcoin's price often tests its interactions with the warm supply realized price.
  • This metric reflects the average purchase price of dormant coins, providing insights into market trends.

The Upcoming September Challenge

September is traditionally a mixed month for Bitcoin, with potential for both volatility and consolidation. Some analysts suggest this could lead to upward momentum reminiscent of past bull runs.

  1. Past trends indicate crucial moments in years like 2020 and 2023.
  2. September could serve as either a consolidation phase before a rally or a signal of a downturn.

Current Price Situation

At the moment, Bitcoin is trading around $59,081, reflecting daily losses of 0.3%, with a weekly downturn nearing 8%. The BTC community is eager to see if it can reclaim the $60,000 resistance to avoid more severe losses ahead.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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