Bitcoin Reclaims $61,000: Key Levels To Watch For Continuous Surge
August 29 2024 - 10:00PM
NEWSBTC
Bitcoin has recently shown signs of recovery, reclaiming the
$61,000 level after a brief but sharp decline earlier this week.
This bounce back in price has sparked renewed interest among the
crypto community, with many closely watching for the next key moves
in the market. Particularly, this latest price action has led to
various analyses, focusing on whether the asset can maintain its
momentum and break through critical resistance levels that have
previously hindered its progress. Related Reading: Analyst Predicts
Bitcoin Will Top Out By 2025, But At What Price Target? The Path
Forward: Key Levels To Watch One prominent voice in the crypto
community, Captain Faibik, shared his insights earlier today,
emphasizing the importance of the $69,000 to $70,000 resistance
zone. According to Faibik, Bitcoin has been consolidating within a
‘Descending Broadening Wedge’ for the past six months. This pattern
is often seen as a precursor to a significant breakout, should the
right conditions be met. Faibik pointed out that breaking through
the $69,000 to $70,000 resistance level is crucial for the bulls,
as previous attempts have failed to clear this barrier. However, he
remains optimistic, suggesting that this time might be different
due to the weakening of the resistance. If Bitcoin can successfully
break out of the Descending Broadening Wedge to the upside, Faibik
believes that the top crypto could easily reach the $100,000 mark
by the fourth quarter of this year. However, despite this optimism,
Faibik advises: For now, leverage trading might not be ideal. If
you’re a Bitcoin holder, it’s time to sit back and Relax, as the
Bitcoin bull run is very close. Bitcoin Gradual Recovery At the
time of writing, Bitcoin is trading at $60,112, reflecting a 4.1%
increase over the past 24 hours. This marks a gradual recovery from
the dip below $59,000 seen earlier this week. Despite this positive
movement, Bitcoin remains down 1.8% over the past week, indicating
that the market is still in a state of bearishness. Another
analyst, Crypto Feras, also weighed in on Bitcoin’s current price
action, highlighting the importance of the $61,000 to $62,000 zone.
According to Crypto Fears, this region was a critical support level
that needed to hold to maintain bullish momentum. However, as
Bitcoin failed to hold this level, the market experienced a further
decline. Related Reading: Bitcoin’s August Candle Hints at Major
Reversal—Are Bulls About to Take Over? The analyst noted that while
Bitcoin is currently bouncing back, reclaiming the $61,000 to
$62,000 zone and the 200-day Exponential Moving Average (EMA) is
crucial for a sustained recovery. Failure to do so could result in
another leg down, making the $61,500 zone a key area to watch in
the coming days. Featured image created with DALL-E, Chart from
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