Bitcoin Surges to $62,000, Breaking Free from 50-Day Downtrend

Bitcoin (BTC) continues to capture attention as the cryptocurrency market shows signs of recovery after a recent downturn.
On the hourly chart, BTC has finally broken out of the downward channel that has persisted since late July 2024, lasting for over 50 days.

The price action of the BTC/USDT pair suggests this could be a pivotal moment for Bitcoin, as it undergoes a textbook retest. Higher highs and higher lows are forming as the price approaches the breakout resistance.

Typically, after a prolonged consolidation phase, a parabolic price increase often follows. This could push BTC towards the target of $75,000, slightly surpassing its all-time high.
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Bitcoin plunges to $60,000, Crypto Market immersed in Red
Bitcoin dropped more than 6% yesterday after Wall Street opened on August 2nd, hitting a low of $60,536 before slightly recovering to $61.786.
The sharp decline caused Bitcoin to lose significant support levels: the 50-day exponential moving average (EMA) at $64,300 and the 100-day EMA at $63,670. Breaking through the support levels around the $63,000-$64,000 range is considered very risky for Bitcoin and the market in the near future.
According to trader community on X, most believe that Bitcoin may undergo a deeper correction and could potentially return to the recent low around the $53,000-$55,000 range.
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