As of August 10, 2024, Bitcoin is holding its ground in the $60,000 range due to a combination of macroeconomic, regulatory, and technical factors:

1. **Technical Support and Price Action**: The $60,000 level has established itself as a crucial technical support for Bitcoin. This support is reinforced by the 200-day moving average, which is currently slightly below $58,000. Analysts point out that as long as Bitcoin holds above this support, it should be able to avoid a sharp decline that could take it to the next support level around $51,500.

2. **Regulation in Russia**: An additional factor that has contributed to Bitcoin’s recent stability is the legislation passed in Russia that legalizes and regulates cryptocurrency mining in the country. This legislation is seen as a strategic move to further integrate Bitcoin into the Russian economy, which has generated cautious optimism among investors and miners.

3. **Market Sentiment and Consolidation After the Rally**: The market is in a consolidation phase after a significant rally, with investors awaiting future developments. This stability reflects a balance between optimism about future upside potential and caution in the face of global macroeconomic uncertainties.

These factors combined explain why Bitcoin is holding steady in the $60,000 range, with the market showing remarkable resilience despite pressures and uncertainties.