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<p>The post <a href="https://coinpedia.org/news/biggest-breakout-bitcoin-surpasses-62000-71000-next/" rel="noopener noreferrer nofollow">Biggest Breakout! Bitcoin Surpasses $62,000—$71,000 Next?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Bitcoin (BTC), the world’s biggest cryptocurrency has seen a notable breakout of the crucial $62,000 level after struggling for almost 20 days. Based on the price action and technical analysis, this is a breakout from a bullish ascending triangle, which may lead to a significant upside rally in the coming days.</p>
<h2 class="wp-block-heading" id="h-biggest-breakout-in-bitcoin"><strong>Biggest Breakout in Bitcoin</strong></h2>
<p>This breakout alone may not be sufficient for a massive upside rally. For a significant rally to occur, BTC needs to close a daily candle above the $62,200 level.&nbsp;</p>
<h3 class="wp-block-heading" id="h-bitcoin-price-prediction"><strong>Bitcoin Price Prediction</strong></h3>
<p>According to expert technical analysis, Bitcoin is in an uptrend as it is trading above the 200 Exponential Moving Average (EMA) on a daily time frame. If BTC holds above the $62,200 level there is a high possibility it could rise to $68,000 and $71,000, its next resistance level.</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/23201411/BTCUSDT_2024-08-23_20-13-52.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/23201411/BTCUSDT_2024-08-23_20-13-52-1024x448.png" alt="" class="wp-image-342118" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/23201411/BTCUSDT_2024-08-23_20-13-52-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/23201411/BTCUSDT_2024-08-23_20-13-52-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/23201411/BTCUSDT_2024-08-23_20-13-52-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/23201411/BTCUSDT_2024-08-23_20-13-52-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/23201411/BTCUSDT_2024-08-23_20-13-52-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/23201411/BTCUSDT_2024-08-23_20-13-52.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
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  Source: Trading View
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<p>Recently a prominent crypto expert made a post on X (previously Twitter) that Bitcoin’s bull-bear market indicator has been moving in a bearish and bullish range and has switched back to bullish again indicating a bullish outlook for BTC.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Since early August, the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> bull-bear market indicator has been oscillating between bearish and bullish. Now, it has switched back to bullish again! <a href="https://t.co/HxDcuQuxFe" rel="noopener noreferrer nofollow">pic.twitter.com/HxDcuQuxFe</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1826931768567439582?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 23, 2024</a>
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  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<h2 class="wp-block-heading" id="h-bitcoin-s-rising-open-interest-and-price-analysis"><strong>Bitcoin’s Rising Open Interest and Price Analysis</strong></h2>
<p>At press time, <a href="https://coinpedia.org/news/bitcoin-news-will-btc-price-rally-amid-upcoming-macroeconomic-shifts/" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) is trading near $62,000 and has experienced a price surge of over 2.1% in the last 24 hours. However, the major rally comes following the opening of the US stock market. Despite a crucial breakout, its trading volume declined by 26% during the same period, indicating lower participation from traders.</p>
<p>Whereas, BTC’s open interest has jumped by 2.5% in the past hours and 3.2% in the last 24 hours, according to the on-chain analytic firm CoinGlass. This increase in open interest indicates growing interest from traders and investors following the recent breakout.</p>

Biggest Breakout! Bitcoin Surpasses $62,000—$71,000 Next?

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