United

Chair

Bitcoin

when

Crypto traders are spotting a pattern forming on Bitcoin’s price chart that may possibly lead to its price moving closer to reclaiming its 2021 all-time highs.
In an Aug. 24 analysis <a data-ct-non-breakable="null" href="https://www.youtube.com/watch?v=0pAg_VFfvHA" rel="null" target="null" text="null">video</a>, pseudonymous crypto trader Mister Crypto pointed to the Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null">BTC</a>) price chart and explained that when Bitcoin breaks above the $64,000 level, it is “very likely” to return toward the $68,000 level, which it hasn’t reached since July 30.
<figure>
 <img alt="Bitcoin chart signals possible ‘extremely’ quick move to $68K — Traders" name="" src="https://s3.cointelegraph.com/uploads/2024-08/01918778-8e0e-786e-8ddf-eca3eebd27da">
 <figcaption style="text-align: center;">
 Bitcoin price chart. Source: Mister Crypto
 </figcaption>
</figure>
The approach to $68,000 would lead traders to speculate on when it might surpass its 2021 all-time high of $68,991, a key level closely watched in 2024.
At the time of publication, Bitcoin is trading just above the level at $64,245, <a data-ct-non-breakable="null" href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow noopener" target="_blank" text="null">according</a> to CoinMarketCap data.&nbsp;
However, it only broke above $64,000 on Aug. 23 for the first time in 20 days and it struggled to hold above before retracing back toward $63,500.
The breakthrough came after dovish comments from United States Federal Reserve Chair Jerome Powell, which further boosted confidence among US investors <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/past-rate-cuts-indicate-potential-bull-market-catalyst-21-shares" rel="" target="_self" text="null">that interest rate cuts are underway</a>. Although, he didn’t give an exact timeline.
$64,000 was previously seen as a key support of Bitcoin following the months after the approval of <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/spot-bitcoin-etfs-maintain-positive-flows-for-8-out-of-the-last-10-days" rel="" target="_self" text="null">the spot Bitcoin exchange-traded funds</a> (ETF) on Jan. 11. 
However, a recent downturn on Aug. 5, otherwise known as “Crypto Black Monday,” saw this level switch into resistance for Bitcoin.
Mister Crypto warned investors that Bitcoin’s price is unlikely to make any major moves on the weekend, and its price is likely to consolidate around its current level.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-62k-sell-wall-analyst-up-only-crypto" rel="null" target="null" text="null">Bitcoin price taps $62K sell wall as analyst sees ’up only’ for crypto</a>
Meanwhile, crypto trader Elja <a data-ct-non-breakable="null" href="https://x.com/Eljaboom/status/1827355983875862585" rel="null" target="null" text="null">told</a> their 684,400 X followers that “It’s time for bulls to push Bitcoin towards $68K-$70K.” 
One of Elja’s reasons for the claim was the relative strength index (RSI), which suggests that Bitcoin’s price is not overbought yet.
When the RSI is above 70, it indicates that the market might be overbought. When it is below 30, it suggests that the market might be oversold.&nbsp;
Bitcoin’s RSI stands at 66.11 <a data-ct-non-breakable="null" href="https://charts.bitbo.io/monthly-rsi/" rel="nofollow noopener" target="_blank" text="null">according</a> to Bitbo data. During Bitcoin’s all-time high of $73,679 in March this year, the RSI surged to 79.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/algorithm-choice-can-fix-social-media-but-only-on-decentralized-platforms/" rel="null" target="null" text="null">Dorsey’s ‘marketplace of algorithms’ could fix social media… so why hasn’t it?</a>

Bitcoin chart signals possible ‘extremely’ quick move to $68K — Traders

Cointelegraph

Other articles published on Aug 25, 2024

BNB DEX Volume Surpasses Solana for Three Consecutive Days, Trails Only Ethereum

FTX Trustees And Creditors Objects to Reorganization Plan

New Solana Memecoin Pepe Loves Trump to Surge 16,000% Ahead of Exchange Listings, While Dogecoin ...

French Authorities Detain Telegram CEO Durov

Rethinking the Ethereum Foundation: Aave’s Zeller Advocates for Dissolution

Top Crypto Headlines & Trends: BTC At $64K, RFK Jr. Endorses Trump, Kraken Suit

Join our free newsletter for daily crypto updates!