Benjamin Cowen Draws A Key Level Bitcoin That Bulls Should Defend

According to Benjamin Cowen, a top crypto analyst and trader there is a key price level for Bitcoin that shows that bulls are in control.

In a recent video, Cowen shares with his 580,000 YouTube subscribers that if BTC closes above the $60,000 price on the weekly chart, it would indicate that the number one crypto asset has found strong support.

“Ideally we can close it above $60,000 [on the weekly chart]. Why? Because it might indicate that we are finding support at the same level that Bitcoin previously found resistance. It’s the only reason, okay.

Now, is it possible we still come back down? Yeah, it’s possible. But I’m just saying having the bulls make a stand at this level is showing that there are buyers, there are bulls, they are trying to show that what was previously held as resistance for three months is now being held as support.”

The trader also points out that $60,000 is a key psychological level for Bitcoin as bulls struggled to stay above that level earlier this year.

“Look how much time we’re spending above $60,000. We didn’t really spend that much time above $60,000 earlier this year. We had some daily candles above it. We moved above it right here (March 2021). We had a move above $60,000, and we came above it right here (April 2021).

But it’s not like we spent a lot of consequential time above $60,000. We spent most of it below $60,000. Now we’re kind of hanging out above $60,000 and it feels pretty good.”

At the time of writing, Bitcoin is trading at $60,770.