Is Bitcoin Ready to Break Free from the $60,000 Slump? Eyeing For 80K 

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Bitcoin’s struggle around $60,000 has many investors feeling stuck, waiting for the next big move. According to crypto analyst PlanC, this seven-month pause might just be the calm before the storm. With Bitcoin spending more time between $60,000 and $70,000, it’s building a strong base for a potential breakout. Could this be the moment we’ve all been waiting for?

Bitcoin In The Healthy Consolidation Phase

In the last several months, Bitcoin has faced challenges, but these have contributed to what PlanC calls a “healthy consolidation.” This phase has seen Bitcoin spend more time in the $60k to $70k range compared to the $50k to $60k range. 

Meanwhile, this steady price action is crucial because it helps build a solid base for future price increases. The consolidation phase indicates that investors are gaining confidence, and this can often lead to significant upward movements.

Breaking Through the $80K Barrier

One of the most exciting points made by PlanC is the potential for Bitcoin to break through the $80,000 mark. He argues that once Bitcoin surpasses this critical level, the likelihood of it ever dropping below $60,000 becomes very low. 

This perspective raises optimism among investors, as breaking the $80K barrier could signal the start of a new bullish trend.

Bitcoin Price Analysis

Bitcoin recently fell by 5.3%, hitting a three-week low of $58,900. This drop broke through its upward trend, raising concerns about a possible shift to a downward trend.

But there’s a glimmer of hope! A hammer candle on the 2-hour chart hints at a possible bounce back. Immediate support is at $60,500, with further support levels at $59,900 and $59,100.

On the upside, Bitcoin faces resistance at $61,700, followed by $62,500 and $63,200. The Relative Strength Index (RSI) is sitting at 41, showing neutral momentum but getting close to oversold territory. Plus, the 50-day Exponential Moving Average (EMA) at $62,400 is a strong barrier to overcome.