Coinbase CEO: Bitcoin Likely Found Bottom Around $60K

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

BTC+0.402%

X+0.16%

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Bitcoin Bottom Signal: Coinbase CEO Brian Armstrong suggests Bitcoin likely bottomed around $60,000, although he refrains from making a definitive call, basing his view on the historical four-year halving cycle, indicating potential rebound opportunities in the market.
Market Recovery Situation: Bitcoin dropped to $59,743 on June 5 but quickly rebounded above $66,000, gaining nearly 3%, with this recovery linked to the US-Iran deal to reopen the Strait of Hormuz, alleviating broader market concerns.
Long-term Bullish Outlook: Armstrong maintains a bullish long-term outlook for Bitcoin, expecting prices to rise significantly by 2030, emphasizing Bitcoin's role as the

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 1 indicators are flashing buy, while 4 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Bitcoin (BTC) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	54145.569	57445.784	60691.719	63991.934	67237.869	70538.084	73784.019
Fibonacci	57445.784	59946.414	61491.305	63991.934	66492.564	68037.455	70538.084

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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