Despite Bitcoin’s price hovering near $60,000, market analysts remain optimistic, emphasizing that the bullish market structure is still intact. Over the past three days, Bitcoin (BTC) has seen a 6% decline after previously hitting two-month highs above $66,000.
Popular trader and analyst Rekt Capital downplayed fears over Bitcoin’s latest price pullback. He highlighted that Bitcoin has revisited the $60,000 level many times in recent months, and each time market sentiment shifts based on a new narrative. According to him, this consistent behavior should not shake confidence in Bitcoin’s long-term bullish trend.
Other traders, like Jelle, echoed this sentiment, stating that Bitcoin’s market structure remains strong and is in the process of flipping key resistance into support. Despite short-term concerns about a potential dip to $57,000, these experts stress that pullbacks present opportunities for investors to accumulate more BTC at lower prices.
The on-chain metric, short-term holder spent output profit ratio (STH-SOPR), also indicates a buying opportunity as it dipped below 1.0, signaling reduced profit-taking activity among speculators.