bullish

Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s price action shows a period of consolidation following a dip to its 5-month low.</li>
 <li>Derivatives data indicates a slight bullish edge, with the long/short ratio favoring the bulls.</li>
</ul>
Bitcoin’s [BTC](https://coineagle.com/price/bitcoin/) recent price action displays a period of consolidation after a dip to its 5-month low.
Despite a surge in volume and a modest recovery, Bitcoin remains within a critical range that could dictate its next move.
<h2 id="bitcoin-s-attempt-to-rebound-amid-market-volatility">Bitcoin’s Attempt to Rebound Amid Market Volatility</h2>
The price is currently trading around $60,850, up nearly 2% in the last 24 hours.
It recently bounced back from a 5-month low, finding support near the $59,413 level, which aligns with the 200-day EMA.
The 50-day EMA at $61,509 is a vital level that bulls need to reclaim for a sustained recovery.
The current price is hovering around these EMAs, indicating a close battle between buyers and sellers.
A break above the 50-day EMA could pave the way for additional gains, while failure to stay above the 20-day EMA might lead to another retest of lower support levels.
<h2 id="key-levels-to-monitor">Key Levels to Monitor</h2>
At the time of writing, the immediate resistance was $61,509 (50-day EMA).
If BTC can break and hold above this level, the next target would be the $63,867 resistance level, followed by a potential test of the $66,000 region.
On the downside, the support at $59,413 (200-day EMA) is crucial.
A break below this level could lead to a deeper correction, with the next support around the $54-$57K level.
Meanwhile, the derivatives data showed a bullish tilt, with volume up by 21% to $54.88B and open interest increasing by nearly 3% to $30.89B.
The long/short ratio for the last 24 hours stood at 1.0358, slightly favoring the longs.
On [Binance](https://coineagle.com/exchange/binance/), the BTC/USDT long/short ratio was 1.3223—indicating that many traders are still betting on a continuation of the recent bounce.
Investors should also monitor external factors such as macroeconomic trends and broader market sentiment, as these will likely influence BTC’s price action in the near term.

Bitcoin’s Future: Critical Level That Could Determine BTC’s Rebound Potential

Table of Contents

CoinEagle.com

Other articles published on Aug 21, 2024

50-Year Analyst Peter Brandt Reveals His Bitcoin (BTC) and Ethereum (ETH) Expectations!

Ethereum’s Gas Fees Dive to Lowest Since Mid-2019 Amid Increased Layer 2 Transactions

Mysterious Whale Accumulates $118M in Wrapped Bitcoin Amid Controversy

China Considers Crypto Money Laundering

Key takeaways from Hong Kong and Europe’s stablecoin legislations

IOTA Plays a Key Role in Preventing Data Breaches and Improving Efficiency in IoT Vehicles

Join our free newsletter for daily crypto updates!