Bitcoin traders in fierce battle over $60K level, says report

Bitcoin traders are engaged in a fierce battle over the $60,000 level, a key psychological support and resistance line, CryptoPotato reported. The outlet noted that while traditional financial markets are showing optimism amid signs of renewed negotiations between the U.S. and Iran, Bitcoin began the week on a bearish note. A combination of persistent macroeconomic risks, geopolitical variables, and deteriorating sentiment in the crypto market is limiting any upward momentum. This atmosphere is reflected in spot ETF flows, with BlackRock's IBIT experiencing outflows of over $300 million yesterday. CryptoPotato explained that for short-term sentiment to improve, it is crucial for Bitcoin to reclaim $60,000 and establish it as a solid support level. Otherwise, the cryptocurrency could face a more significant decline.