Why is $60,000 the Magic Number?

​Technically and psychologically, $60,000 is acting as a massive structural pivot for a few reasons:

​Whale Activity: Data shows that "whales" (large holders) bought nearly $2.8 billion worth of BTC when it dipped toward $60,000 last week.

​Historical Support: This level aligns closely with the 200-week moving average (roughly $58k–$60k), which has historically been the "bottom" for major corrections.

​Psychological Floor: Investors view $60k as a major round-number barrier; a decisive break below it could open the door to the $52,000 range.

​What's Next?

​The market is currently in a "wait and see" mode. Bulls are trying to push back above $70,000 to confirm a trend reversal, while bears are looking for any sign of weakness to retest that $60,000 floor. Most analysts expect a period of consolidation (sideways movement) between $60,000 and $75,000 for the next few weeks as the market digests the recent volatility.