Bitcoin traders are closely monitoring a potential move towards $68,000, contingent on whether the cryptocurrency can sustain its position above the critical $64,000 mark, a level it has struggled to maintain since reclaiming it three weeks ago.
Bitcoin Reclaims $64K Level
According to TradingView, BTC is trading at $64,141 as of the latest update. Although it broke above $64,000 on August 23 for the first time in 20 days, it has struggled to hold this level, briefly retracing towards $63,500. The recent price action followed remarks by U.S. Federal Reserve Chair Jerome Powell, which boosted investor confidence in forthcoming interest rate cuts, though no specific timeline was provided.
Mister Crypto's Analysis
In an August 24 analysis, the pseudonymous trader, Mister Crypto, highlighted that if Bitcoin can decisively break above the $64,000 level, a swift move toward $68,000 is “very likely.” Bitcoin hasn’t touched this level since the end of last month. Mister Crypto cautioned that Bitcoin is unlikely to make significant moves over the weekend, predicting that its price will likely consolidate around current levels.
Bitcoin Overbought Level
Another crypto trader, Elja, told their 684,400 followers on X (formerly Twitter) that “It’s time for bulls to push BTC towards $68K-$70K.” Elja’s optimism is partly based on the Relative Strength Index (RSI), which currently stands at 66.11, suggesting the crypto is not yet overbought but approaching the region. For comparison, during BTC’s all-time high of $73,679 in March this year, the RSI surged to 79.79. As traders keep a close eye on these levels, the next few days could be pivotal in determining Bitcoin’s near-term direction.
Today's outcome will determine whether Bitcoin can hold above the $64,000 level to continue its move towards $68,000. Close monitoring of key indicators and market signals will be crucial in determining the cryptocurrency’s next direction.
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