🌙Bitcoin must break the "resistance level" of $62,000 to avoid another "Black Monday"
An analyst at a Cryptocurrency exchange pointed out that BTC is at a critical threshold: it needs to reach $62,000 and maintain this level to avoid retesting $49,000. However, some Cryptocurrency traders believe that it is unlikely that BTC/USD will fall below $50,000 in the short term.
Kraken stated in the technical market update on Cointelegraph on August 21st: "PA indicates a corrective pattern rather than a strong bullish reversal." According to CoinMarketCap's data, as of the time of publication of this article, the trading price of BTC is $60,691, which has not reached $62,000 since August 9th.
❄️ It further explains that the trading price of BTC is close to its 200-day exponential moving average (MA) of $59,500, which makes the latest price data more influential. Kra/ken states that in order to avoid retesting $49,000, BTC needs to 'break through' the 'resistance level' of $62,000.
The last time BTC fell below $50,000 was on August 5th, when it dropped to $49,842, known as "Cryptocurrency Black Monday", the first time BTC has touched this level since February. According to CoinGlass data, a rise to $62,000 would be an unexpected move for many futures traders and would result in a $1.04 billion loss in short positions.
Traders have different emotions 💼
The report states, "This level is crucial, as failing to hold it may herald a deeper adjustment." An anonymous Cryptocurrency trader, Profit Blue, expressed a similar view to his 257,100 followers in a post on X on August 22. Profit Blue claimed, "If BTC starts to break through $62,000 strongly from now, it is likely to set a new all-time high."
If not, it will fall again to below $50,000. At the same time, other traders believe that the downward momentum is about to end, and consider the recent big dump to be just a buying opportunity.
☀️Cryptocurrency commentator Alex Becker said to his 1 million X fans in a post on August 22nd, 'Brother, this is your last chance to pump BTC below $60,000.' 'BTC at $60,000... pumped about 4 times from the bottom. Just like in 2017 and before the big pumps in 2020/2021,' added Cryptocurrency trader PlanB.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should conduct their own research when making decisions.
✅ Follow me for updates 🔔
#BinanceHODLerBANANA #dogs #BinanceLaunchpoolDOGS #BTC☀ #UpdateAlert
