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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FTT Token Experiences Major Volatility Following Key Announcement

Over the past few hours, the FTT token has seen a significant price increase, causing a lot of speculation. Notably, this surge came after a tweet from “Crypto Rover”, a crypto influencer, said that FTX exchange may pay $16 billion to creditors from September 30.
FTT Token Price Surge
Alamanda Research’s native token “FTT” surged nearly 93% before correcting to its current price. This event sent investors into a state of fear of missing out (FOMO), with questions like “Why is FTT rising?”

For the first time since November 9, 2023, the price of FTT reached an intraday high! This surge helped FTT break through multiple resistance levels. In addition, after a brief period of narrow range fluctuations, the exchange broke through the resistance trendline and hit a 7-month high.

The relative strength index (RSI) on the 1-day timeframe also showed a sharp increase, pushing FTT into the overbought zone and supporting the upward price trend#BTCPredictedNewATH
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📉 The market is being dumped again
Ethereum dropped below 3k
Bitcoin at 62500
Reason: Wallets associated with Genesis Trading have moved 16.6k #BTC (~$1.1 billion) and 166.3k #ETH (~$521.1 million) to an address related to bankruptcy liquidation procedures in the last hour.
Over $60 million liquidated in the last hour (> $270 million in the last 24 hours)
What are you doing during the dip?
⚡️- Buying
🐳 - Selling everything and leaving the market
👀 - Watching

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Donald Trump raised more than $4,000,000 for his election campaign using BTC and other crypto assets.
Trump previously said that he likes Elon Musk, and also added that Musk gives him $45,000,000 every month and doesn’t even mention it.
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