Bitcoin Holds Steady at $63,000: Analysts Weigh In on Next Steps
August 26 2024 - 11:00PM
NEWSBTC
Bitcoin appears to be entering a rebound phase, given its recent
increase that brought the asset’s price close to the $66,000 mark.
Particularly, after briefly touching a 24-hour high of $64,893
earlier today, Bitcoin has retraced slightly, now trading at
$63,786, reflecting a minor 0.2% decline over the past day. Despite
this slight pullback, analysts remain divided on the immediate
future of Bitcoin, with some pointing to key technical levels that
could determine the next significant move. Related Reading: Crypto
Analyst Sounds Alarm: Here’s Why It’s Your ‘Last Chance To Buy
Bitcoin’ Next Step For Bitcoin Renowned crypto analyst, Emperor on
X, shared his insights on Bitcoin’s price action earlier today. In
a detailed post, Emperor noted that Bitcoin had successfully
bounced from a critical support zone of around $58,000, which he
had previously identified as a potential buy zone. According to
Emperor, Bitcoin has now reclaimed the 200-day Exponential Moving
Average (EMA) on the 4-hour chart, which he views as a positive
development. He highlighted that Bitcoin’s recent price movement,
including front-running the quarterly open and sweeping weekend
range lows, is characteristic of a strong uptrend. Emperor
suggested that while Bitcoin may not see a continuous upward push
this week, it remains bullish, with the next target being the
monthly open. The analyst concluded, noting: I will be taking
some profits on swing positions. Ultimate direction is up but now
is the time to take profit on Bitcoin gradually while you bid alts.
Is Another Noticeable Correction Going To Happen? While Emperor’s
analysis points to a bullish outlook for Bitcoin, other analysts
are more cautious. Macro Johanning, another well-known figure in
the crypto space, provided an update on Bitcoin’s recent price
action, noting that Bitcoin had recently swept the high at $65,100.
Johanning suggested that this move to the upside might have
temporarily exhausted Bitcoin’s bullish momentum, potentially
leading to a dip to around $61,000 before further upward movement.
He highlighted the importance of upcoming economic data releases in
Bitcoin’s short-term direction. Johanning pointed to several key
events scheduled for the week, including the release of US Consumer
Confidence data on Tuesday, Nvidia’s earnings report on Wednesday,
Q2 2024 GDP data, and July Pending Home Sales on Thursday, followed
by July PCE Inflation data on Friday. Related Reading: Bitcoin
Price Faces Challenge at $65K: Can It Break Through? These events
will likely influence market sentiment and add volatility to
Bitcoin’s price action. According to Johanning, Bitcoin’s next
significant resistance level is around $67,000, which could become
a target once the consolidation phase resolves. Featured image
created with DALL-E, Chart from TradingView
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