On Monday, bitcoin started the week down more than 1.5 per cent at around $58,500. In recent days, its price has fluctuated between $57,000 and $62,000. However, the cryptocurrency faces several challenges that could make it difficult to stay above $60,000.
Among these challenges are the general feeling of uncertainty in the market and continued selling pressure, as investors doubt its ability to continue to rise significantly.
According to experts, from a technical point of view, bitcoin is in a consolidation move with support at $58,000. If this level holds, we could see a push towards $62,500, the first short-term resistance. If prices break above this level, the target would be at $68,000. Conversely, a loss of $58,000 would indicate weakness, with a target of $55,000.
Elsewhere in the cryptocurrency market, the situation is mixed. Ethereum is up about 0.5%, Solana is up 0.7% and XRP is up more than 1%. On the other hand, Cardano recorded losses of 0.9% and Shiba Inu of 1.5%.