Here's Why Bitcoin Investors Must Protect Key $60,490 Level - Analyst

Joao Wedson, popular market analyst and founder of analytics platform Alphractal, has shared a cautionary insight on the Bitcoin market involving potential developments with the Binance exchange reserves. Related Reading: Bitcoin Faces Familiar Crossroads As Midterm Cycle Turns Bearish: Analyst Binance BTC Reserves In Danger – Possible Deep Bear Market? The Bitcoin market has remained in a bear phase for the last six months, marked by geopolitical tensions and macro uncertainties. During this time, the premier cryptocurrency has struggled to establish any sustained uptrend while constantly absorbing waves of corrective price action. In the most recent wave, Bitcoin prices returned to around $65,000, resulting in a net loss of 5.14% in the last seven days. Since then, the market has experienced a small range consolidation and presently trades around $66,000.   According to Joao Wedson, this recent decline brings Bitcoin closer to a key support level, i.e., Binance Reserve Rea