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Bitcoin (BTC) has recovered from its early August dip, rising above $60,500 and appears to be targeting the $65,000 resistance level. The current price trend indicates that the largest cryptocurrency is moving towards a potential new peak, as significant signals are observed in its technical indicators.
New Rally Signals for Bitcoin: Is $68,000 the Target?
Cryptocurrency analyst Titan of Crypto suggested on August 22nd that Bitcoin could rally from its current levels. The analyst emphasized that the bullish expectation is supported by the observation that the largest cryptocurrency is starting to strengthen with significant technical signals.
Specifically, Bitcoin’s Moving Average Convergence Divergence (MACD) indicator showed an upward crossover. This crossover is generally considered a sign that the price will move upwards. According to Titan of Crypto, this crossover and the successful retesting of previous support levels are laying the groundwork for Bitcoin’s next major rally.
In the past, each crossover was followed by significant price increases, ranging from 11% to 19%. This reinforces the indicator’s reliability in predicting BTC‘s price movement. The first crossover at the end of April resulted in Bitcoin gaining over 11%. A similar formation was repeated at the beginning of July, resulting in an 18.73% increase. It should be noted that the rises continued after being briefly interrupted by misleading declines.
The most recent crossover occurred in mid-August, coinciding with a breakout from the downward trend. Titan of Crypto sees this price movement as confirmation of Bitcoin’s next upward move.
If Bitcoin continues this rise and reaches $68,000, it will surpass the all-time high set in 2021. In this context, another cryptocurrency analyst, ElCryptoProf, pointed out in a post on August 23rd that BTC is about to make its seventh consecutive monthly close above the record level set in 2021. The analyst emphasized that this long-term resistance indicates increasing support for Bitcoin at high levels.
Transaction Fees Soar
As of August, with the increasing network activity of Bitcoin, there has also been an increase in transaction fees. On August 22nd, Bitcoin’s average transaction fee rose by 937.7%, from $0.74 to $7.679. This increase is directly related to the rise in network demand.
At the time of writing, Bitcoin is trading at $60,850, with a 0.2% increase in the last 24 hours. On the weekly chart, BTC managed to stay in the green zone with a 4.6% increase. While technical indicators show that Bitcoin is ready for new peaks, investors must also closely follow other macroeconomic factors such as Fed interest rate decisions.
