Value

Bitcoin

Bitcoin (BTC) price suffered a <a href="https://coingape.com/markets/reasons-why-bitcoin-price-crash-could-continue/" rel="noopener noreferrer nofollow">fatal crash</a> last week as it slipped from near $70,000 levels to a low of $48,914. However, the recent 10% bounce in Japan’s stock market index, Nikkei, has caused cryptos, including BTC, to show promising signs of recovery.&nbsp;
<h2 id="strong-bitcoin-price-eyes-a-comeback-strong">Bitcoin price eyes a comeback</h2>
Despite the brutal 30% correction in Bitcoin price, the five-month, down-trending consolidation’s range low seems to be holding well. Since Monday’s low of $48,914, <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">BTC price</a> has bounced 14% and currently exchanges hands around $56,000, according to <a rel="noopener noreferrer nofollow" href="https://in.tradingview.com/chart/K4UuCCFi/">TradingView</a> data.&nbsp;
The five-month Bitcoin price consolidation has set up three key levels that BTC investors need to be cautious about:
<ol>
 <li style="font-weight: 400;" aria-level="1">Value Area Low (VaL) – $61,906</li>
 <li style="font-weight: 400;" aria-level="1">Point of Control (POC) – $66,946</li>
 <li style="font-weight: 400;" aria-level="1">Value Area High (VaH) – $70,283</li>
</ol>
70% of the range is considered a value area, and the lowest and highest points are termed VaL and VaH, respectively.
A recovery above the immediate resistance level at $57,289 is required. Such a movement will suggest that the bulls are serious. If BTC price manages to create a foothold above the aforementioned level, it will open the path for the recovery rally to continue.&nbsp;
Under these conditions, Bitcoin price could target a retest of the $60,000 psychological level after a 4.5% rally from $57,289. Any move beyond this level is unlikely to be sustained, especially if BTC manages to retest the VaL at $61,906.
<img decoding="async" class="aligncenter size-full wp-image-211212" src="https://coingape.com/wp-content/uploads/2024/08/BTCUSDT.P_2024-08-06_21-25-09.png" alt="Bitcoin Price 1-day chart" width="2806" height="1564" srcset="https://coingape.com/wp-content/uploads/2024/08/BTCUSDT.P_2024-08-06_21-25-09.png 2806w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT.P_2024-08-06_21-25-09-300x167.png 300w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT.P_2024-08-06_21-25-09-1224x682.png 1224w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT.P_2024-08-06_21-25-09-768x428.png 768w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT.P_2024-08-06_21-25-09-1536x856.png 1536w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT.P_2024-08-06_21-25-09-2048x1142.png 2048w, https://coingape.com/wp-content/uploads/2024/08/BTCUSDT.P_2024-08-06_21-25-09-150x84.png 150w" sizes="(max-width: 2806px) 100vw, 2806px">
On the other hand, if Bitcoin price fails to recover above the immediate resistance level at $57,289, it would signal a weakness in the market. Furthermore, the uncertainty surrounding the Japanese stock market is still not cleared, and if the Fed decides to take a drastic step to its dual mandate, it could add to the volatility and trigger a market crash. Such a development should see <a href="https://coingape.com/price-predictions/bitcoin-btc-price-prediction/" rel="noopener noreferrer nofollow">Bitcoin price prediction</a> suggest a revisit to the $52,287 support floor.&nbsp;
The post <a href="https://coingape.com/markets/bitcoin-price-analysis-btc-eyes-60k-as-stock-market-recovers/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: BTC Eyes $60K As Stock Market Recovers</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price Analysis: BTC Eyes $60K As Stock Market Recovers

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