During Jerome Powell’s speech, significant fluctuations in Bitcoin’s price were observed, which once again rose above $61,000. This price movement caused a wave of discussions among analysts who highlight several key price levels.
Current Bitcoin Status
According to the 'Kraken' crypto exchange, Bitcoin is close to a critical turning point. It is essential for Bitcoin to reach $62,000 to avoid a retest of $49,000. However, some traders believe it is unlikely that Bitcoin will fall below $50,000 soon. According to a technical market update from 'Kraken' on August 21: 'The price action indicates a corrective pattern rather than a strong upward trend.' As of the time of writing, Bitcoin is trading at $61,000 and has not reached $62,000 since August 9. Additionally, Bitcoin is trading near its 200-day exponential moving average of $59,500, providing greater clarity on the latest price data. 'Kraken' notes that Bitcoin needs to surpass the $62,000 resistance level to prevent a potential retest of $49,000.
Analysts' Bitcoin Comments
According to analysts, the current level of Bitcoin is very important. Failing to hold this level could signal a deeper correction. An analyst named Profit Blue said 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.' 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 current 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.'
Historical Data and Forecasts
In early August, on the 5th, Bitcoin fell below $50,000 and reached $48,800, which was last seen in February. According to data from CoinGlass, a price movement towards $62,000 could have a significant impact on many investors' expectations, potentially eliminating $1.04 billion in short positions. Analysts continue to monitor these key levels to determine future market trends.
Analysts continue to closely monitor key Bitcoin price levels, noting the need to surpass the $62,000 resistance to avoid a potential correction to $49,000. Current price levels could be critically important for determining the market's future direction.
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