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Analysts at Compass Point state that the cryptocurrency bear market is approaching its end. They identify $60 billion as a critical support level for Bitcoin – if the price stays above this mark, it could signal a trend reversal.
Interestingly, the current Bitcoin price hovers around $71,500, which is 1.84% lower than in the last 24 hours. This means the asset is already significantly above the key support level mentioned by experts. Such a position could maintain market optimism, especially if the price continues to stay in this zone.
Given these signals, many traders are closely monitoring Bitcoin's movement in the coming days. Ending the bear cycle often brings new opportunities but requires patience and a strategic approach.