Bitcoin is finding it difficult to rise above the overhead moving averages, indicating that the bears are trying to flip the level into resistance.
Bitcoin (BTC) is struggling to maintain above the psychological level of $60,000, indicating that the bears are active at higher levels. However, analysts do not seem to be worried. Capriole Investments founder Charles Edwards said in a post on X that Bitcoin looks “promising,” but its trend lags behind gold by three months; hence, it needs some time before resuming its up move.
Bitcoin is only in the second phase of its bull cycle, according to Bybit lead tech writer Nathan Thompson. If Bitcoin follows the trough-to-peak ratios of its previous cycles, it could extend its up move till the third quarter of 2025, according to a report by Bybit and BlockScholes, shared with Cointelegraph.
Apart from the Bitcoin rally, several traders are eagerly waiting for the altseason to begin. BitMEX co-founder Arthur Hayes said in a research note that Bitcoin would have to rise above $70,000 and Ether (ETH) above $4,000 for the altseason to begin.
