BTC on the verge of collapse: Will it hold at $60,000 or face a major adjustment?

BTC recently broke through $63,000, rekindling investors' hopes for a pump, but today it once again fell to a low of around $60,000, dampening investors' enthusiasm.

This unsatisfactory performance prompted analyst Aytekin to raise and share an important question: "Is it reasonable to expect a final shakeout before the next big move?"

In the latest post, the analyst explained that BTC is currently in a high area of open position contracts, exceeding the key level of 180 billion US dollars. Historically, when the open position contract level reaches this point, a major adjustment occurs.

The analyst mentioned that there is a divergence in the current market sentiment and pointed out: the market seems hesitant in many aspects, with some believing that the next major pump trend is about to come, while others believe that the downward trend of BTC remains strong. A common view is that BTC may need a final shakeout before soaring to an all-time high (ATH).

Aytekin added that although the Intrerest Rate of financing is slightly higher than the 200-day simple MA (SMA), it indicates that longs traders still dominate. However, in the past, when the Intrerest Rate of financing turned negative, prices often experienced a significant pullback, but this has not yet occurred. Aytekin's conclusion is that although the ultimate oscillation may occur, considering the relatively moderate Intrerest Rate of financing, the adjustment of Depth may not be so severe.

Due to BTC's difficulty in breaking through the key resistance level, its recent price movement reflects the market's continued indecision. Over the past few weeks, BTC has remained stable above the $60,000 mark but has failed to pump significantly to $70,000. In the past 24 hours, BTC has dropped by 2.9% and is currently trading at $60,485. Earlier this week, the asset briefly surged to $63,774, sparking optimism for a potential rise to $65,000 and the $70,000 mark.

Famous Cryptocurrency analyst ALI recently commented on the PA of BTC, pointing out that BTC is still trading within the "descending parallel channel". ALI stated that the asset was rejected at the upper limit of the channel, indicating a possible further fall. "We may fall to the middle limit of $58,000, or even fall to the lower limit of $52,000," ALI pointed out in an article on X.

He emphasized that a bullish breakthrough is unlikely unless BTC exceeds the level of $66,000, which has been an important resistance point in recent weeks.

(Data Source: Samuel Edyme)