Bitcoin (BTC) has rebounded from its early August declines to rise above $60,500 and appears to be targeting the $65,000 resistance level. The current price trend suggests that the largest cryptocurrency is heading towards a potential new high, with its technical indicators showing significant signals.
New Rally Signals in Bitcoin: Is $68,000 Targeted?
Cryptocurrency analyst Titan of CryptoIn his post on the X platform on August 22, he suggested that Bitcoin could rally from its current levels. The analyst underlined that the bullish expectation was supported by the observation that the largest cryptocurrency had begun to gain strength with important technical signals. 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!
Especially Bitcoin Moving Average Convergence Divergence The (MACD) indicator has shown a bullish crossover. This crossover is generally considered a sign that the price is about to move higher. According to Titan of Crypto, this crossover and a successful retest of previous support levels could set the stage for Bitcoin’s next major rally.
In the past, each intersection was followed by significant price increases, ranging from 11% to 19%. This is BTCIt reinforces the reliability of in predicting price action. The first crossover in late April resulted in Bitcoin gaining over 11 percent. A similar formation was repeated in early July, this time recording an increase of 18.73 percent. It should be noted that the increases continued after being interrupted by misleading declines for a short time.
The most recent crossover occurred in mid-August and coincided with a breakout from a downtrend. Titan of Crypto sees this price action as confirmation of Bitcoin’s next upward move.
If Bitcoin continues its rise and reaches $68,000, it will have surpassed its all-time high in 2021. In this context, another cryptocurrency analyst, ElCryptoProfnoted in a post on August 23 that BTC is on track to make its seventh consecutive monthly close above its all-time high for 2021. The analyst emphasized that this long-term resistance has seen Bitcoin find increasing support at higher levels.
Transaction Fees Soared
As of August, with Bitcoin’s increasing network activity transaction feesOn August 22, Bitcoin’s average transaction fee increased by 937.7 percent, from $0.74 to $7,679. This increase is directly attributed to the increase in demand on the network.
At the moment of writing the news, Bitcoin is trading at $60,850 and has increased by 0.2 percent in the last 24 hours. On the weekly chart, BTC managed to stay in the green zone with a 4.6 percent increase. While technical indicators show that Bitcoin is ready for new highs, investors should also closely follow other macroeconomic factors such as Fed interest rate decisions.
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.
