While there are still major fluctuations in the BTC price, it was observed that the price rose above $61,000 once again this evening before Jerome Powell’s speech. This price movement also stirred the market, and analysts seem to be highlighting important price levels.
Current Bitcoin Status
According to information shared by an analyst from a crypto exchange, Bitcoin seems to be approaching a critical turning point. The potential for Bitcoin to reach $62,000 is significant as it serves as a level to watch to prevent a retest of $49,000. However, some crypto traders believe that the likelihood of Bitcoin falling below $50,000 soon is low.
Kraken exchange shared the following insights in a technical market update on August 21:
The price action indicates a corrective pattern rather than a strong upward trend.
According to market data, as of the time of writing, Bitcoin is trading at $61,000 and has not reached $62,000 since August 9.
Additionally, it is noted that Bitcoin is still trading near its 200-day exponential moving average of $59,500, providing greater clarity on the latest price data. Kraken’s statement suggests that Bitcoin needs to surpass the $62,000 resistance level to prevent a potential retest of $49,000.
Looking back at the early days of August, on August 5, known as “Crypto Black Monday,” Bitcoin fell below $50,000 and dropped to $48,800 according to Binance data. This level was last seen in February. According to data provided by CoinGlass, a price movement towards $62,000 could result in a contrary move to many investors‘ expectations, potentially eliminating $1.04 billion in short positions.
Analysts’ Bitcoin Comments
According to analysts in the market, the current level of BTC is very important. Failing to hold this level could signal a deeper correction.
In this context, an analyst named Profit Blue reiterated his view in an X post on August 22:
If Bitcoin gains strength from here and rises above $62,000, it will likely target an all-time high. Otherwise, it will fall below $50,000 again.
Meanwhile, other traders believe the downward momentum has ended and the recent drop was just a buying opportunity.
Crypto commentator Alex Becker said in an X post on August 22:
This was your last chance to bring Bitcoin below $60,000.
Similarly, PlanB commented that similar levels could be the bottom for Bitcoin:
Bitcoin $60,000… Up ~4 times from the bottom. Just like before the rise in 2017 and 2020/2021.
