NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Bitcoin Cemented At $60K? Why BTC Could Smash All Resistance

Reynaldo Marquez
Reynaldo Marquez
Last Updated: June 11, 2024 2:00 pm
2 mins read
Picture of a gold bitcoin with a gold crown on it

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Approaching its all-time high above $67,000, Bitcoin sits at profits across the board. The benchmark crypto took off yesterday moving from the low of its current levels and destroying all opposition to trade at $66,428, as of press time.

Bitcoin BTC BTCUSD
BTC on a rally in the daily chart. Source: BTCUSD Tradingview

The general sentiment in the market seems to have flipped bullish once more after a week of sideways price action. This consolidation time period appears to have given bulls enough impulse to taken on its next major resistance at $67,000.

Related Reading | S2F Creator PlanB Believes In $98k Nov Target For Bitcoin

In low timeframes, as seen below on Material Indicator’s Fire Chart, BTC’s price is accumulating support at $65,000, after this level turned from resistance to support. The chart uses CVD data to determine the buying/selling pressure across multiple price levels.

At $67,000, there is around $33 million in ask orders that represent the bulls’ biggest obstacle to place Bitcoin back into price discovery. Similarly, at $65,000 there are around $16 million in bids orders that could operate as good support for the short term.

Bitcoin BTC BTCUSD FC
Source: Material Indicators

Additional data provided by Material Indicators register a spike in buying pressure from whales and medium size investors. This data is supported by research firm Santiment, as the chart below shows, addresses with over 10,000 to 100,000 BTC accumulated over 43,000 BTC in the past 5 days resulting in more fuel for Bitcoin.

🐳 #Bitcoin made a major leap in the early Monday hours, and crept up above $66k briefly as most #altcoins lagged behind. Large whale addresses holding 10k to 100k $BTC have accumulated 43k more $BTC and increased their bags +2.1% in just the last 5 days. https://t.co/I2LmF24XDc pic.twitter.com/Rn3swKcjVA

— Santiment (@santimentfeed) November 8, 2021

In that sense, pseudonym analyst CryptoBirb presented a potential scenario for the price of Bitcoin after it broke out to its current levels. This analyst believes BTC could retest the low of $60,000 before the bulls have enough ammunition to propel the cryptocurrency to $80,000.

Related Reading | Bitcoin Starts Fresh Rally, Why BTC Could Breach $70K This Time

Via Twitter, CryptoBirb claimed the following:

$BTC about to pull off new ATH and noobs trying to fade the breakout will only feed this monster enough to fly past $80,000 (…) retest is optional, if I were you, I would not base my entire strategy on it.

Bitcoin Price Validated At $60,000?

In support of the bullish thesis, analyst Willy Woo presented the Bitcoin Supply Profile indicator. According to Woo, this metric shows the BTC market dynamic and how coins have exchanged hands in 2021 suggesting that investors have accepted the $50,000 to $60,000 levels as major support zones. Woo said:

Contour map of every bitcoin at the price they last changed hands between investors. Huge price validation between $50k-$60k. Bitcoin as a $1T asset class IMO is now cemented; hard to see it dropping below this zone.

The next days will be crucial to determine if Bitcoin will retest the lows at these levels or if it will break to the upside with its eye set to burn straight into $100,000 by the end of the year.

Related Reading | S2F Model Creator Hypes Up $10K Daily Bitcoin Candles

Tweet123Share196ShareSend
Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

solana

Solana Reclaims $140 As Second Wave Of SOL ETFs Debut – Is A Rebound Coming?

Amid the second wave of crypto-based Exchange-Traded Funds (ETFs), Solana (SOL)-based investment products have been leading the charge, fueled by...

Rubmar Garcia 1 hour ago

比特幣崩盤深度解析:BTC下跌觸發因素、鏈上數據與未來市場走勢評估

近期比特幣的下跌可被視為市場對宏觀與資金面變化的直接反應。流動性收縮、政策不確定性升溫以及鏈上數據放緩,共同形成了向下的壓力。美元流動性緊縮導致資金進入風險資產的意願下降,而比特幣作為高流動性風險資產...

Ter Yim 4 hours ago
Ethereum news

Ethereum Price Will Bottom This Week, Predicts Tom Lee

Fundstrat co-founder Tom Lee says Ethereum is nearing a cyclical low, arguing that on-chain fundamentals and relative valuation versus Bitcoin...

Jake Simmons 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Dogecoin: коррекция, паника и шанс для новых мемкоинов

Dogecoin: коррекция, паника и шанс для новых мемкоинов

dariajz 8 minutes ago
Watch Out Bears: Bitcoin Rally To This Mark Could Trigger $19 Billion Short Squeeze

Bitcoin Is 80% Into The Bear Market, Analyst Reveals What Will Confirm It 100%

Scott Matherson 17 minutes ago
Kraken

Kraken Achieves $20 Billion Valuation With $200 Million Investment From Citadel

Ronaldo Marquez 1 hour ago

Premium Sponsors

Press Releases

  • Top altcoins de urmărit în noiembrie 2025: Bitcoin Hyper, Maxi Doge, Pepenode și Snorter, în fruntea noului val blockchain

    Top altcoins de urmărit în noiembrie 2025: Bitcoin Hyper...

    14 hours ago
  • Top altcoiny, které sledovat v listopadu 2025 Bitcoin Hyper, Maxi Doge, Pepenode a Snorter, vedoucí novou blockchainovou vlnu

    Top altcoiny, které sledovat v listopadu 2025: Bitcoin...

    16 hours ago
  • Топ алткойни, които да следите през ноември 2025 г.: Bitcoin Hyper, Maxi Doge, Pepenode и Snorter, водещи новата блокчейн вълна

    Топ алткойни, които да следите...

    19 hours ago
  • リップル 今後:ETF期待が急速にしぼむ中、XRPは売り圧力で下落継続──2.22ドル割れなら何が起きるのか

    リップル...

    20 hours ago
  • ドージコイン 今後:0.10ドル下落の懸念と、新興ミーム系プロジェクトへ資金が移動する理由

    ドージコイン...

    20 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.