Bitcoin’s rise above $63,000 has attracted buying in several altcoins, signaling that the sentiment is turning bullish. Bitcoin rose above the overhead resistance near $63,000 and it appears that bulls are now ready to push prices higher. Risk assets received a boost after the Federal Reserve Chair Jerome Powell confirmed during his keynote address in Jackson Hole, Wyoming, that interest rates will start to come down. However, Powell refrained from committing to the timing and the pace of the rate cuts.
A technical market update from Kraken, said that Bitcoin must cross and maintain above the $62,000 level to avoid a retest of $49,000.
“The price action suggests a corrective pattern rather than a strong bullish reversal,” the update added.itcoin remains stuck inside the large range between $55,720 and $73,777. Generally, the price swings between the support and the resistance levels in the range. Bitcoin is attempting to rise toward the resistance of the range after the bears failed to sustain the price below the $55,724 support.
Could Bitcoin maintain above $60,000, or will bears pull the price lower and trap the aggressive bulls? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
Sellers defended the 50-day simple moving average ($61,440) on Aug. 21, but they could not pull the price below the 20-day exponential moving average ($60,195).
The bulls are trying to maintain the price above the 50-day SMA. If they can pull it off, the BTC/USDT pair could rally to $65,660 and, after that, to the psychological resistance at $70,000. Buyers may face significant hurdles between $70,000 and $73,777.
The upside narrative will take a back seat if the price turns down sharply from the 50-day SMA and slides below $60,000. That may accelerate selling and open the doors for a fall to critical support at $55,724.
