- Bitcoin price is struggling to reach the $60,000 psychological level as it continues to consolidate.
- Ethereum price continues to compress between the $3,387 and $3,623 barriers, lacking directional bias.
- Ripple price is also stuck below a crucial resistance level at $1.135.
Bitcoin price continues its slow uptrend as it lacks volatility. Ethereum and Ripple are promptly following the big crypto as they continue to consolidate. While these top cryptocurrencies continue to consolidate, altcoins are breaking out without any hesitation.
Bitcoin price vies to tackle another significant level
Bitcoin price has rallied 9.8% over the past week despite lacking volatility. The $60,000 psychological barrier is within BTC’s grasp, but it needs to see a bullish breakout from this consolidation. A decisive close above $60,000 will put almost all of the holders “In the Money,” alleviating any sell-side pressure.
Such a development will attract the sidelined investors to jump on the ride to retesting the all-time high at $64,895, and perhaps if the buying pressure continues to build, a new all-time high at $77,525.
BTC/USD 1-day chart
While things are going too slow for Bitcoin price, the breakout from the ongoing consolidation is crucial. If BTC breaks lower, it is likely that a retracement to $55,000 will ensue. In some cases, the downswing might extend to $53,000. This move would not invalidate the bullish thesis, but it would allow buyers to buy BTC at a discount, giving them another chance at the bull run.