Bitcoin price has recently bounced off the important support level of $53,980, and is currently above $60,000 before falling to $58,400. Although the correction is large, overall, Bitcoin price is showing strength.
The next resistance level is $61,725, which looks very important. Breaking this level is essential for the uptrend to continue, and investors are keeping an eye on Bitcoin’s next price action.
Breaking through the $61,725 resistance line, Bitcoin's opportunity
Bitcoin’s Network Value to Volume (NVT) ratio, a key indicator of whether an asset is overvalued or undervalued, has declined in the short term. Macro NVT is trending upward, indicating a potential overvaluation of the market overall, but the recent decline suggests that Bitcoin has a chance to break the $61,725 resistance level . If BTC were to turn this level into support, it could lead to a price rally and reinforce positive sentiment among investors.
The short-term NVT decline indicates that network activity is more in line with Bitcoin’s valuation, suggesting a healthy price rally. A successful break above $61,725 in a favorable macro environment could signal the start of a new uptrend.
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Bitcoin’s macro momentum is showing promising signs, especially with the Global In/Out of the Money (GIOM) indicator, which suggests that a Bitcoin break above $61,725 would see a profitable BTC volume of over 1.04 million, or roughly $62 billion.
Most of this supply was purchased between $58,854 and $61,231. This puts these holders in a position to make significant gains if Bitcoin breaks through this critical barrier. This is why Bitcoin’s resurgence from its current correction to $58,400 is so important.
If Bitcoin breaks the $61,725 resistance level, the upside momentum is likely to accelerate and more BTC holders may move into the profit zone. This could create additional buying pressure, further pushing Bitcoin’s price higher and strengthening the positive outlook. However, overcoming this important resistance level has historically been difficult.
BTC Price Prediction: The Obstacles Ahead
As of 12:30 PM on the 16th, Bitcoin is trading at $58,400 per coin. After bouncing off the $57,720 support level, the cryptocurrency is ready to challenge the $61,725 resistance level. If Bitcoin breaks this barrier, it will signal the start of a new uptrend, with a target price of $65,000.
Securing $65,000 as support would be a significant milestone for Bitcoin, especially after failing to do so in late August. A successful break of this level could attract more buying interest, pushing the price higher. However, Bitcoin’s ability to maintain this momentum depends on turning $61,725 into support.
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If Bitcoin fails to break the $61,725 resistance, it could stall below this level, which would weaken the positive outlook. In that case, Bitcoin could struggle to gain new upside momentum , and the price could remain stagnant while investors wait for clearer signals.
