Analysts explain why Bitcoin must remain above the $59,600 level

Bitcoin long head may soon be rejuvenated. on-chain analyst Willy Woo said market data showed that the emergency "market sell-off" that caused Token fall to break its all-time highs is now fall. This development could push prices higher, preventing further sell-offs.

This preview is due to a drop in Cumulative volume Increment (CVD) data, which is a on-chain indicator that can also track market sentiment. Specifically, it tracks the buying and selling behavior of market participants. Woo said that now that CVD is declining, longest BTC holders may be willing to weather the storm. Their decision may directly supporting the price.

Woo added that Bitcoin must resist selling pressure and end the current short-term weakness. As on-chain data shows, BTC should remain above $59,600. CVD lies have historically distinguished between bullish and fall zones.

Based on this, BTC should stay above $60,000 for the upward pump to continue. If not, the shorts have the upper hand and pushing the price below the CVD level could mark the beginning of a new shorts regime.

So far, BTC has faced significant selling pressure, falling about 15% from its all-time high. The Token has supports near the $60,000 and $61,000 areas, moving in a range. The upper resistance level is at an all-time high around $74,000.

As Woo points out, based on this preview, any loss below $60,000 could lead to a BTC sell-off. The Token could fall to $53,000 in the short term, triggering stop losses and intensifying sell-offs.

Whether the BTC long will return depends mainly on the participation of institutions in the coming days. Since the approval of the Spot Bitcoin exchange Exchange Traded Fund (ETF) in January, the price has soared, breaking the previous all-time high. The involvement of institutions is crucial. However, inflows slowed, especially in the last two weeks of April. Analysts are currently eyeing the launch of Spot Bitcoin ETF in Hong Kong on April 30.

Chu Haokang, head of digital asset management in Hong Kong, expressed optimism in a recent interview. Haokang expects volume to surpass that of the United States. The executive said that the product is unique and allows for physical subscriptions, which is more appealing to BTC Miner. In addition, it is global and has attracted the interest of investors from Singapore and the Middle East.

(Source: Dalmas Ngetich)