Bitcoin surged above $70,000 on Monday, but analysts warn of potential declines below the $60,000 support level as bearish sentiment persists. While major altcoins have shown resilience, bouncing off their support levels, the overall market remains cautious. Glassnode’s report highlights ongoing selling pressure from long-term holders, indicating that the market may not have fully stabilized yet.
The implications for the broader crypto market are significant, as sustained selling could lead to further declines in Bitcoin and altcoins. The 30-day moving average of realized losses suggests that a substantial drop in selling pressure is necessary for a bullish reversal. However, a slight uptick in bullish sentiment on social media could hint at a potential shift, as markets often move contrary to prevailing public sentiment.
Market professionals should closely monitor Bitcoin’s ability to maintain levels above its moving averages, as failure to do so could trigger a deeper correction. Conversely, a sustained recovery above $72,000 could signal renewed bullish momentum, impacting trading strategies across the sector.
Source: cointelegraph.com