Bitcoin price failed to clear the $60,650 resistance. BTC is now correcting gains and might decline toward the $57,500 support zone.

• Bitcoin is correcting gains and trading well below the $60,000 level.
• The price is trading below $58,800 and the 100 hourly Simple moving average.
• There was a break below a key bullish trend line with support at $60,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could climb again if it stays above the $57,500 support zone.

Bitcoin Price Starts Downside Correction

Bitcoin price started a decent increase after it broke the $58,500 resistance zone. BTC was able to climb above the $59,500 resistance. The pair even cleared the $60,000 resistance zone.

However, the bears seem to be active near the $60,650 resistance zone. A high was formed at $60,638 and the price is now correcting gains. There was a drop below the $59,500 level. The price even dipped below the 23.6% Fib retracement level of the upward move from the $55,548 swing low to the $60,638 high.

There was also a break below a key bullish trend line with support at $60,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $58,800 and the 100 hourly Simple moving average.

On the upside, the price could face resistance near the $59,200 level. The first key resistance is near the $60,000 level. A clear move above the $60,000 resistance might start a steady increase in the coming sessions. The next key resistance could be $60,650. A close above the $60,650 resistance might spark more upsides. In the stated case, the price could rise and test the $62,000 resistance.

More Downsides In BTC?

If Bitcoin fails to rise above the $59,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $58,000 level or the 50% Fib retracement level of the upward move from the $55,548 swing low to the $60,638 high.

The first major support is $57,500. The next support is now near the $56,750 zone. Any more losses might send the price toward the $55,550 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $58,000, followed by $57,500.

Major Resistance Levels – $59,200, and $60,000.

Bitcoin’s price recently bounced back from the crucial support level at $53,980 and is now approaching the $60,000 mark. After hitting a low of $52,270, the cryptocurrency is showing strength, supported by favorable market conditions.

Currently trading at $60,048, BTC is targeting the critical resistance at $61,725. Breaking this level will be essential for sustaining its upward momentum, and investors are closely monitoring Bitcoin’s next price move.

Bitcoin Has a Shot

Bitcoin’s Network Value to Transactions (NVT) Ratio, a key metric for evaluating whether the asset is overvalued or undervalued, has shown a short-term decline. While the macro NVT remains on the rise, indicating potential overvaluation in the broader market, the recent dip suggests Bitcoin has a chance of breaking through the $61,725 resistance. If BTC flips this level into support, it could lead to further price gains and boost bullish sentiment among investors.

The short-term NVT drop indicates that network activity may be better aligning with Bitcoin’s valuation, pointing to a healthier price increase. With favorable macro conditions, a successful breach of $61,725 could mark the start of a new upward trend.

Read more: Bitcoin Halving History: Everything You Need To Know

Bitcoin’s macro momentum is showing promising signs, particularly with the Global In/Out of the Money (GIOM) indicator. This indicator reveals that 1.04 million BTC, worth over $62 billion, is on the verge of profitability if Bitcoin can surpass $61,725.

The majority of this supply was purchased between $58,854 and $61,231. This positions these holders for significant gains if Bitcoin breaks through this critical barrier.

If Bitcoin can breach $61,725, the bullish momentum is likely to accelerate as more BTC holders move into profit territory. This could spur additional buying pressure, further driving up Bitcoin’s price and reinforcing its bullish outlook. However, the challenge lies in overcoming this key resistance level, which has historically proven difficult to break.

BTC Price Prediction: Holdup Ahead

Bitcoin is currently trading at $60,048 as market conditions improve. After rebounding from the $57,720 support level, the cryptocurrency appears ready to challenge the $61,725 resistance. If Bitcoin breaks through this barrier, it could signal the start of a new bullish run, with a potential target of $65,000.

Reclaiming $65,000 as support would be a key milestone for Bitcoin, especially after failing to do so in late August. A successful break above this level could attract more buying interest and push the price higher. However, Bitcoin’s ability to sustain this momentum hinges on flipping $61,725 into support.

Read more: Bitcoin (BTC) Price Prediction 2024/2025/2030

If Bitcoin fails to breach the $61,725 resistance, it could consolidate below this level, weakening the bullish outlook. In that case, Bitcoin might struggle to gain new upward momentum, leading to a period of price stagnation as investors await clearer signals.

Shibarium, the Layer-2 scaling solution for the Shiba Inu ecosystem, is set for a major upgrade that will increase its security and scalability.

Shiba Inu’s marketing executive Lucie announced that the upgrade would target Puppynet, Shibarium’s testnet.

Puppynet to Get Update That Brings Ethereum’s ‘Best Practices to Shibarium’

Puppynet is scheduled for an upgrade on Friday at 2:30 a.m. ET at block 4,697,000. The changes include the Bor upgrade to version 1.3.7-bone-beta and the implementation of the Cancun hard fork. These enhancements aim to improve network performance, security, and overall efficiency, offering users a smoother experience.

“This upgrade is for Puppynet and it’s very important for developers! We’re rolling out some awesome changes that will make things run smoother, faster, and safer,” Lucie explained.

The upgrade will integrate Ethereum’s core software, Geth, into Shibarium’s testnet, bringing advanced features like faster smart contract execution, improved peer-to-peer networking, and better block propagation. It will also strengthen the network’s proof-of-stake (PoS) bridge, enabling smooth cross-chain asset transfers between Shibarium and other blockchains.

Read more: 6 Best Platforms To Buy Shiba Inu (SHIB) in 2024

Additionally, the update will optimize gas fees, making transactions more affordable, and prune historical block data to conserve disk space, keeping Shibarium lightweight as it grows. Security enhancements will include improved error handling, vulnerability patches, and bug fixes to ensure a more secure network.

Post-upgrade, users can expect quicker transactions, better security, stable cross-chain transfers, and improved disk management. Lucie highlighted that these updates could boost Shibarium’s adoption, potentially increasing SHIB token burn rates.

“To really reduce the supply in a big way, we need millions (even billions) of users! The plan is to build an epic system that brings in tons of people, using SHIBARIUM every day. The more users we have, the more SHIB can be burned, making it more valuable over time,” Lucie explained.

The Shiba Inu ecosystem team has advised node operators to update their software to version 1.3.7-bone-beta before the Cancun hard fork.

Read more: How To Buy Shiba Inu (SHIB) and Everything You Need To Know

This upgrade reflects the meme coin’s dedication to advancing the SHIB ecosystem. Last month, Lucie announced that Shiba Inu plans to introduce decentralized governance as part of its growth strategy.