bullish

Strong

Bitcoin

Rekt

<p>The post <a href="https://coinpedia.org/news/bitcoin-btc-price-holds-strong-at-key-level-for-six-months-whats-next/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Price Holds Strong at Key Level for Six Months: What’s Next?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Bitcoin has been showing resilience on the monthly chart, consistently maintaining a key support level that once marked its old all-time high. However, it’s price is currently facing challenges after a failed attempt to break above the $61,000 level. As of now, Bitcoin (BTC) has rise to <a href="https://markets.coinpedia.org/bitcoin/" rel="noopener noreferrer nofollow">around $60,525,</a> perhaps down from a 24-hour high of $61,158, marking a 2% decline.</p>
<h2 class="wp-block-heading" id="h-bitcoin-s-monthly-retest-of-ath">Bitcoin’s Monthly Retest of ATH</h2>
<p>Crypto analyst Rekt Capital has noticed an important change in Bitcoin’s price behavior on the monthly chart. The key resistance level at $60,940, which used to be a strong barrier, has now turned into a solid support zone.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BTC</a><br><br>On the Monthly timeframe, Bitcoin has retested the old All Time High major resistance area (red) as new support (green)<br><br>Bitcoin has been performing this successful retest for 6-months now<a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://twitter.com/hashtag/BitcoinHalving?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BitcoinHalving</a> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> <a href="https://t.co/qm79FuaOv6" rel="noopener noreferrer nofollow">https://t.co/qm79FuaOv6</a> <a href="https://t.co/husxt49Yo2" rel="noopener noreferrer nofollow">pic.twitter.com/husxt49Yo2</a></p>— Rekt Capital (@rektcapital) <a href="https://twitter.com/rektcapital/status/1826531491666391252?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 22, 2024</a>
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<p>For six months straight, Bitcoin has successfully tested and held this important level, making $60,940 a strong base for future price moves. This steady support at a crucial price point shows that Bitcoin might keep its upward momentum, even during market ups and downs.</p>
<p>The fact that $60,940 is now acting as support is a good sign. It suggests that this level, which was once a hurdle, is now giving <a href="https://coinpedia.org/news/bitcoin-on-the-brink-will-u-s-jobs-report-trigger-a-bear-crash-or-a-bull-rally/" rel="noopener noreferrer nofollow">Bitcoin a strong</a> foundation. While this could set the stage for a new bullish phase, it remains uncertain if Bitcoin will break out of its current range and move higher.</p>
<h2 class="wp-block-heading" id="h-bitcoin-in-conslidation-phase-nbsp">Bitcoin In Conslidation Phase&nbsp;</h2>
<p>After a strong rally that pushed BTC up by 35% between August 5 and August 16, Bitcoin has entered a correction phase. On August 21, Bitcoin tried to reclaim the $61,000 level but faced selling pressure at $61,227.</p>
<p>Over the past week, <a href="https://coinpedia.org/news/robert-kiyosaki-stark-warning-u-s-debt-crisis-highlights-need-for-gold-silver-and-bitcoin/" rel="noopener noreferrer nofollow">Bitcoin’s price has fluctuated</a> between $58,000 and $62,000, indicating a consolidation phase after the recent gains. The current price of $60,025 reflects a 6% correction from its recent high, raising questions about the strength of the bullish momentum.</p>
<p>As Bitcoin continues to hold this key support level, the next few months could be crucial in determining Bitcoin’s direction, with many wondering if this support will propel the cryptocurrency to new highs or if it will face further challenges.</p>

Bitcoin (BTC) Price Holds Strong at Key Level for Six Months: What’s Next?

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