Bitcoins price analysisđš
Bitcoin ( BTC ) is finding it difficult to sustain above $60,000 but that has not deterred buying in the spot Bitcoin exchange-traded funds (ETFs). Farside Investors data shows only two days of outflows since Aug. 7 , which suggests that investors view the current level as a buying opportunity for the long term.
According to technical analyst SuperBro, Bitcoin has always bottomed out either in July or August during the United States presidential elections year. After that, Bitcoinâs price tends to rally sharply on completion of elections. If history repeats itself, Bitcoin may soar to a new all-time high in November.
Crypto market data daily view. Source: Coin360
Bitcoin needs a solid pick up in demand in the near term to push it above the all-time high, but the Bitcoin whales do not seem to be supportive. Onchain analytics firm CryptoQuant said that Bitcoin whales have reduced the pace of their buying since the all-time high in March.
Could buyers maintain Bitcoin above $60,000, triggering widespread buying in the cryptocurrency sector? Letâs analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Bitcoin bulls tried to push the price above the 50-day simple moving average ($61,314) on Aug. 20, but the bears successfully defended the level.
BTC/USDT daily chart. Source: TradingView
A minor positive in favor of the bulls is that they have not given up and are again trying to push the BTC/USDT pair above the 50-day SMA. If they manage to do that, the pair may pick up momentum and soar to $65,660 and thereafter to $70,000. The sellers are expected to pose a strong challenge in the $70,000 to $73,777 zone.
The crucial support to watch on the downside is $55,724. If this level breaks down, the pair could nosedive to $49,000.
