Analyst Anand Raj's latest report suggests that Bitcoin may be on the verge of breaking out of the $61,800 key supply zone. The analysis shows that the price level has been tested several times without any significant retracement, suggesting that a breakout is more likely.
According to Raj, expectations that the Federal Reserve may cut interest rates in September, coupled with increased inflows into U.S. bitcoin ETFs, will drive bitcoin prices higher. The market is expected to return to a bullish mood as institutional money continues to flow in.