Bitcoin bounced back from its $53,980 support and is nearing $60,000 after hitting a low of $52,270. Currently trading at $60,048, BTC is targeting the $61,725 resistance. Breaking this level is key to maintaining upward momentum, with investors closely watching for the next move.

The Network Value to Transactions (NVT) ratio indicates Bitcoin could break through $61,725. A successful breach would push 1.04 million BTC into profit, fueling buying pressure and driving the price higher.

If Bitcoin surpasses $61,725, it could target $65,000, but failure to break this resistance may lead to price stagnation, dampening bullish sentiment.