🔤 Bitcoin at $60K: A Pullback Before a Rise to $71K?

💎Bitcoin (BTC) experienced a price correction over the last 24 hours, largely due to increased liquidation. Currently trading at $60,862.71 with a market cap exceeding $1.2 trillion, BTC is nearing a crucial support level, suggesting a potential trend reversal.

💵 Price Decline Factors
BTC fell over 3% in the past 24 hours. Analyst Ali noted a spike in liquidations around $61,490, prompting the sell-off. This decline positions BTC near critical support.

🔺️ Technical Analysis
A widening falling wedge pattern suggests BTC could drop to $60,078, with a rebound potentially driving the price to $71K.

📉 On-Chain Data Insights
Glassnode data shows BTC trading below its possible market bottom per the Pi Cycle Top indicator. CryptoQuant data indicates low net deposits on exchanges, reducing selling pressure and signaling a potential price uptick.

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📊 Market Sentiment
Long-term holders retain their coins, as reflected in BTC’s Binary CDD. The rising Funding Rate in the derivatives market supports a positive outlook.

🏪 In summary, Bitcoin's current price action suggests a rebound from its critical support level, potentially rising to $71K.