Bitcoin (BTC) managed to break through a critical resistance level by rising above the $ 64,000 level, and investors turned their eyes back to the $ 68,000 level after this price move. Whether Bitcoin will stay above this level is seen as an important factor in determining the direction of the price movement.
$64,000 Threshold Must Be Maintained for Rise to Continue
Bitcoin, which remained below the $64,000 level for 20 days, broke through this resistance on August 23 and rose to $64,245. This increase in price was caused by the US Federal Reserve (Fed) President Jerome PowellThis happened after Powell made positive comments about the rate cut. However, let’s underline that Powell did not give a definite date for the rate cut. 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!
The $64,000 level was reached in January after spot Bitcoin exchange-traded funds (ETFs) were approved. BTC It was considered an important support point for Bitcoin, but the “Black Monday” that occurred on August 5 caused this level to turn into resistance for Bitcoin.
Anonymous cryptocurrency analyst Mr. Cryptostated that if Bitcoin stays above $64,000, a rally towards $68,000 is very possible. This has led to increased speculation among investors about when it could surpass the previous all-time high of $68,991 recorded in 2021.
Mister Crypto added that Bitcoin is not expected to make a major price move over the weekend and the price is likely to consolidate at current levels.
RSI Indicator Says Uptrend Will Continue, According to Elja
On the other hand, cryptocurrency analyst Eljastated to his followers on X that Bitcoin should move towards the range of $68,000 to $70,000. Elja made this prediction by saying that Bitcoin Relative Strength IndexWhile basing it on (RSI), he emphasized that the index has not yet entered the overbought territory. Bitcoin’s RSI value is currently at 66.11. At the all-time high of $ 73,679 reached in March, the RSI rose to 79.79.
Investors are currently focused on whether Bitcoin can sustain above the $64,000 level. If this level is maintained, the door could open for a move towards $68,000 and beyond.
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.
