Cryptocurrency analyst and trader Benjamin Cowen says he’s keeping a close watch on a key price level for Bitcoin that may indicate that bulls are in control.
In a new strategy session, Cowen tells his 580,000 YouTube subscribers that if Bitcoin closes above the $60,000 price on the weekly chart, it would indicate that the flagship cryptocurrency has found strong support.
[adinserter block="1"]“Ideally we can close it above $60,000 [on the weekly chart]. Why? Because it might indicate that we are finding support at the same level that Bitcoin previously found resistance. It’s the only reason, okay.
Now, is it possible we still come back down? Yeah, it’s possible. But I’m just saying having the bulls make a stand at this level is showing that there are buyers, there are bulls, they are trying to show that what was previously held as resistance for three months is now being held as support.”
The crypto analyst also says that $60,000 is a key psychological level for Bitcoin as bulls struggled to stay above that level earlier this year.
“Look how much time we’re spending above $60,000. We didn’t really spend that much time above $60,000 earlier this year. We had some daily candles above it. We moved above it right here (March 2021). We had a move above $60,000, and we came above it right here (April 2021).
But it’s not like we spent a lot of consequential time above $60,000. We spent most of it below $60,000. Now we’re kind of hanging out above $60,000 and it feels pretty good.”
Bitcoin is trading at $63,220 at the time of writing, about 6% off its record high reached over five days ago, according to CoinGecko.
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