FxPro Analyst: Bitcoin Miners' Position Reductions Put Short-Term Bearish Target at $60,000

Despite strong U.S. stocks and favorable U.S. cryptocurrency policy, traders expect a deeper pullback in bitcoin's price over the next few weeks. This is largely due to selling activity by miners and widespread profit-taking. bitcoin continues to test the strength of its 50-day moving average, but can't find enough reason to fall further, said Alex Kuptsikevich, senior market analyst at FxPro. Testing the lows so consistently allows shorts to succeed quickly with the next target at $60,000.