Bitcoin Holders Near $62 Billion in Profits as BTC Targets $61,725 Resistance

Bitcoin is nearing the $60,000 mark, with holders eyeing $62 billion in potential profits. With strong support at $57,720, BTC now aims for the key resistance at $61,725. If broken, Bitcoin could see significant price gains, possibly reaching $65,000.

Bitcoin price has bounced back from a crucial support level of $53,980, showing renewed strength as it approaches the $60,000 mark. After dipping to a low of $52,270, Bitcoin has rebounded to its current trading price of $60,048. Investors are now closely watching as BTC targets the critical resistance at $61,725—a level that will be essential for sustaining upward momentum.

Key Market Indicators:

Bitcoin’s Network Value to Transactions (NVT) Ratio, a popular metric used to assess whether the cryptocurrency is overvalued or undervalued, shows a short-term decline. While the macro NVT continues to rise, signaling potential overvaluation in the broader market, the recent dip indicates Bitcoin may be poised for a breakout above the $61,725 resistance level.

A successful breach of this resistance could be the start of a new bullish trend, particularly given that the Global In/Out of the Money (GIOM) indicator shows that 1.04 million BTC, worth over $62 billion, is on the verge of profitability. This aligns with the buying range of $58,854 to $61,231, meaning many holders stand to gain significantly if BTC flips this level into support.

BTC Price Outlook:

If Bitcoin manages to break the $61,725 barrier, it could trigger a wave of buying pressure, pushing the cryptocurrency towards its next target of $65,000. With macroeconomic conditions favorable and rising bullish sentiment, this upward trend could gain momentum, propelling BTC to new highs.

However, breaking the $61,725 resistance remains a challenge. If Bitcoin fails to breach this level, it could consolidate below $60,000, leading to a period of price stagnation as investors wait for clearer market signals.

Our creator. creates amazing NFT collections! 
Support the editors - Bitcoin_Man (ETH) / Bitcoin_Man (TON)

Pi Network (Guide)is a new digital currency developed by Stanford PhDs with over 55 million participants worldwide. To get your Pi, follow this link https://minepi.com/Tsybko and use my username (Tsybko) as the invite code.

Binance: Use this link to sign up and get $100 free and 10% off your first months Binance Futures fees (Terms and Conditions).

Bitget: Use this link Use the Rewards Center and win up to 5027 USDT!(Review)

Bybit: Use this link (all possible discounts on commissions and bonuses up to $30,030 included) If you register through the application, then at the time of registration simply enter in the reference: WB8XZ4 - (manual)