As of today, Bitcoin is trading at $60,639, marking a 1.01% gain in the last 24 hours.
After dipping below $50,000 earlier this week due to a 16% loss in market value amid recession fears in the US, the cryptocurrency has shown significant recovery.
Current trading volume stands at $38.2 billion, down 4.35% from the previous day.
Market analysts note that the Short Term Holder Spent Output Profit Ratio (STH SOPR) is above 1, indicating short-term holders are currently profiting. However, resistance is expected around the 1.03 SOPR level, which may trigger profit-taking and potential selling pressure.
If Bitcoin breaks upward, it could face resistance between $67,000 and $70,000. Conversely, a downward movement may find support at the $55,000 level.