Huge BTC Sell Pressures at $60K, Warns Indian Exchange Founder

• Bitcoin surges to $59,334.26 with a 5% increase in the past 24H.
• BTC ETF volumes hit record highs, reflecting growing institutional interest.

Bitcoin has once again captured the spotlight with its meteoric rise, trading at $59,334.26 with a staggering 4.94% surge. In just 24 hours, BTC broke major key resistance levels at $57,000, $58,000, and $59,000, and is now tantalizingly close to the $60,000 mark.

Notably over the past seven days, BTC has seen a 17% surge, causing a frenzy among investors.

Adding to the excitement, Bitcoin Exchange Traded Funds (ETFs) have witnessed a surge in trading volumes, setting new all-time highs in recent days. It surpassed the previous record of $6.15 billion by $1.49 billion. Speculation abounds regarding the contributing factors behind Bitcoin’s ascent, with many attributing it to a combination of FOMO (Fear of Missing Out) among investors and profit-taking activities.

Moreover, the staggering increase in BTC ETF volumes reflects a growing interest in digital assets among institutional investors, further fueling optimism about Bitcoin’s future trajectory.

Adding on to it, there are warning signs of potential sell pressures looming ahead. Indian Exchange KoinBX Founder Saravanan Pandian has cautioned against complacency, highlighting the significant sell pressures that could be encountered at the $60,000 threshold. With the daily RSI soaring to 84, signaling an overbought situation, he advises investors to trade carefully amid this bullish rally.

Bitcoin $60K Imminent?

The BTC daily chart shows a strong bullish trend, with the 7-day exponential moving average (EMA) currently positioned below the trading price at $53709. Currently, the trading volume is at $47B, down 5% in the past 24 hours.

If the bitcoin bulls continue their bull run, it might reach $62K and tease its all-time high, but if the bears make a way, it might reach $48574  and on the other support level $45774.

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• Source: https://thenewscrypto.com/huge-btc-sell-pressures-at-60k-warns-indian-exchange-founder/