Bitcoin price was stabilizing around the $60,000 support level after declining about 15% from an ATH

Bitcoin price continued to stabilize around $60,000 today after falling nearly 15% from its all-time high near $69,000. Some analysts remain bullish on BTC’s price due to improving blockchain data, suggesting the current drop may be short-lived. At the time of writing, BTC is changing hands at $60,272.

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BTC/USD 4-hour chart | Source: TradingView

Bitcoin price holding support at $60,000; could face resistance at $63,000-$65,000

Bitcoin price stabilizes around the $60,000 support level after falling about 15% from its all-time high near $69,000. The cryptocurrency has been flat for the past 24 hours and could rally further towards the $63,000-$65,000 resistance area. Both these levels are critical to keeping the uptrend intact in the short term.

Both the 50-day and 100-day moving averages are sloping up, indicating a positive mid-term trend. This means that buyers can continue to work on the pullbacks with strong price support above $53,000.

Currently, the Relative Strength Index (RSI) on the daily chart is staying below the neutral reading of 50, which means a period of consolidation could continue until a decisive breakout or breakdown is confirmed.

The good news is Bitcoin recently hit 1.14m active addresses, which was the 2nd highest network activity day since the May correction.

“After BTC’s drop below $60k for the first time in 3 weeks, we analyze the buy the dip interest & more in our latest weekly report”, Santiment tweeted.

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Source: Santiment

Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, were afterthoughts on Wednesday as a handful of alternative coins turned heads in digital-asset markets.

“Ethereum had a roughly -15% price drop since topping out at its $4,878 all-time high last week. Our latest insight reveals where ETH’s market health stands, what its rising address activity and lowering fees mean, and more”, Santiment stated.

bitcoin-price-was-stabilizing-around-the-60000-support-level-after-declining-about-15-from-an-ath

Source: Santiment

In another development, Crypto.com’s CRO token shot up some 26% to a new all-time high after the crypto exchange and credit-card issuer announced a naming-rights deal with the Staples Center in California, home of the Los Angeles Lakers pro basketball team. The token was a standout performer in mid-2020 but had not attracted much notice since then.

Besides, Avalanche (AVAX) has been up 85% in the past 30 days, pushing its market capitalization to $23 billion. Avalanche founder and Ava Labs CEO Emin Gun Sirer said Tuesday his company would be partnering with Big Four accounting firm Deloitte to build more-efficient disaster relief platforms using the Avalanche blockchain, which may have propelled the latest leg up in the AVAX price.

The overall crypto market capitalization stands at $2.663 trillion, and Bitcoin Dominance is at 43.1%.

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