Bitcoin Maintains Bullish Market Structure Amid $60,000 Retest

According to Cointelegraph, Bitcoin (BTC) continues to exhibit a bullish market structure despite a recent retest of the $60,000 support level. Popular trader and analyst Rekt Capital has dismissed the fearful market sentiment surrounding the current BTC price action, emphasizing that Bitcoin's return to the $60,000 level is not a cause for concern. BTC/USD has experienced a 6% drop over the past three days, following a recent peak above $66,000. Rekt Capital noted that Bitcoin has revisited the low $60,000s multiple times in recent months, and each pullback has been met with different narratives of fear. He maintains that the bullish market structure remains intact. Fellow trader Jelle shares this optimistic outlook, suggesting that Bitcoin is undergoing a significant resistance/support flip. He reassured his followers that despite the initial red start to the quarter, Bitcoin's market structure is bullish, and key support levels are being reinforced. Previously, Cointelegraph reported on bearish BTC price predictions, with some analysts forecasting a potential drop below $60,000. Entrepreneur Mark Cullen advised traders to prepare for a possible dip to around $57,000, indicating that Bitcoin might still be heading lower. Onchain data analysis by Checkmate, the pseudonymous creator of Checkonchain, provides further insights. Using the short-term holder spent output profit ratio (STH-SOPR) metric, Checkmate observed that recent price performance reflects profit-taking by Bitcoin speculators. The STH-SOPR metric, which measures the proportion of funds in profit when moved onchain, has dipped below its center value of 1.0, suggesting a potential 'buy the dip' opportunity. Checkmate explained that a high STH-SOPR indicates profit-taking and selling pressure, while dips back to 1.0 or brief undercuts in a bull market present opportunities to accumulate Bitcoin at lower prices. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.