The importance of Bitcoin staying above $60K

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Resilient US job and inflation data and steady spot Bitcoin ETF inflows aided Bitcoin’s rally above $60,000.

Bitcoin gained 4% between Aug. 21 and Aug. 22, and despite losing some momentum, it has sustained the $60,000 support. Some analysts argue that a break above the $62,000 resistance is necessary to confirm a bullish trend. However, given the market’s confidence in the United States Federal Reserve (Fed) implementing expansionary measures, the odds still favor Bitcoin bulls.

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