It’s hard to believe, but just last Monday, Bitcoin was trading at $49,513. Fast forward to almost a week later today, and we’re looking at a price tag of over $61,109 at the time of writing. The past week sure has been quite an up-and-down ride for anyone holding Bitcoin.
Bitcoin’s recovery has been nothing short of impressive. In just a few days, it has managed to break through the $60,000 barrier, which is regarded as another key psychological price level.
So, what’s next for Bitcoin? According to crypto analyst Rekt Capital, there’s more to watch out for. The next resistance level could be around $65,000, he tells his almost 500,000 followers on X. If Bitcoin can push through that, the next big challenge is just above $71,000. (Resistance levels in Bitcoin are price points where the upward momentum tends to slow down or reverse because many people start selling at that price.)
Bitcoin is doing all the right things to confirming $60,600 as support so as to position price for a revisit of $65,000+ over time$BTC #Crypto #Bitcoin https://t.co/gRUc1wMJam pic.twitter.com/TbHiQbelbZ
— Rekt Capital (@rektcapital) August 10, 2024
Looking back at the week, the bulls were on a mission. Monday and Thursday were especially good for Bitcoin. On Monday, the price jumped from from below $50,000 to over $54,000. Then on Thursday, it surged again, hitting a peak of nearly $62,500 shortly after midnight.
But, as we know, Bitcoin rarely moves smoothly, ups and downs are common. After reaching the $62,000 – $63,000 range, it hit a strong resistance and started to pull back. By yesterday afternoon, Bitcoin had even dipped below $60,000 for a brief moment.
The good news? Bitcoin didn’t stay down for long. By the start of the weekend, it was back over $61,000. Rekt Capital, who keeps a close eye on these things, pointed out that the retest of $60,600 was successful. This level might be the support Bitcoin needs to make its next move.
If Bitcoin holds his current ground, the analyst says, we could soon see it aiming for $65,000. And if that happens, $71,000 could be the next target, or even a new all-time high this year maybe, as suggested by a new report by Grayscale? Time will tell.
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