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Bitcoin (BTC) has recovered from its early August dip, rising above $60,500 and aiming for the $65,000 resistance level. The current price trend indicates that the largest cryptocurrency is moving towards a potential new peak, as significant signals appear in its technical indicators.
New Rally Signals for Bitcoin: Is $68,000 the Target?
Cryptocurrency analyst Titan of Crypto suggested on August 22nd on the X platform that Bitcoin might 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 precursor to upward price movement. 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 occurred at the beginning of July, resulting in an 18.73% increase. It is worth noting that these rises continued after being briefly interrupted by deceptive drops.
The latest crossover occurred in mid-August and coincided with an exit 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 of 2021. In this context, another cryptocurrency analyst, ElCryptoProf, highlighted in a post on August 23rd that BTC is about to make its seventh consecutive monthly close above the record level of 2021. The analyst emphasized that this long-term resistance indicates increasing support for Bitcoin at high levels.
Transaction Fees Soar
As of August, Bitcoin’s increasing network activity has also led to a rise in transaction fees. On August 22nd, Bitcoin’s average transaction fee surged by 937.7%, rising 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, having increased by 0.2% 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 monitor other macroeconomic factors, such as Fed interest rate decisions.
