While there are still major fluctuations in the BTC price, the price is expected to rise once again today in the evening. Jerome Powell It was seen to rise above $61,000 before his speech. This price movement also moves the market and analysts seem to be drawing attention to important price levels.
Bitcoin Latest Situation
According to information shared by a crypto exchange analyst, Bitcoin appears to be approaching a critical turning point. While Bitcoin’s potential rise to $62,000 is important, this is a level that investors should pay attention to in order to avoid a retest of $49,000. However, some crypto traders believe that Bitcoin is unlikely to fall below $50,000 anytime soon. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
Kraken Following the examinations made in connection with the technical market update made by the stock exchange on August 21, the following words were shared:
Price action suggests a corrective pattern rather than a strong rally.
As of press time, Bitcoin is trading at $61,000 and has not reached $62,000 since August 9, according to market data.
Moreover, Bitcoin’s It is reported that it is still trading near its 200-day exponential moving average of $59,500, which provides greater clarity on the latest price data. Kraken’s statement includes comments that Bitcoin needs to break through the $62,000 resistance level to avoid a possible retest of $49,000.
When we look back to the first days of August, it fell below $50,000 on August 5, known as “Crypto Black Monday,” and fell to $48,800 according to Binance data. This level was last seen in February. According to data provided by CoinGlass, the price movement towards $62,000 could be a move contrary to the expectations of many investors in the future, and as a result, $1.04 billion worth of short positions could be eliminated.
Analysts Comment on Bitcoin
According to analysts in the market, the current level of BTC is very important. A possible failure to hold at this level could also be a sign of a deeper correction.
In this context, the analyst named Profit Blue first revealed his opinion once again in his X post on August 22 and his comment was as follows:
If Bitcoin can pull back from here and rise above $62,000, it will likely target a new all-time high, otherwise, it will drop back below $50,000.
Meanwhile, other traders think that the downside momentum is over and believe that the recent decline was merely a buying opportunity.
Crypto commentator Alex Becker wrote the following in his X post on August 22:
This was your last chance to get Bitcoin below $60,000.
PlanB similarly commented that similar levels could be the bottom for Bitcoin:
Bitcoin at $60,000… ~4x up from bottom. Just like before the 2017 and 2020/2021 rally.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
