bullish

Bitcoin

Daily

<p>Bitcoin has undergone a bullish retracement over the past month, successfully surpassing several key resistance levels.</p>
<p>However, the price has now approached a critical resistance zone defined by the 100—and 200-day moving averages. The behavior in this area will be pivotal in determining Bitcoin’s overall trajectory.</p>
<h2 id="bitcoin-price-analysis-technicals">Bitcoin Price Analysis: Technicals</h2>
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Shayan</a></p>
<h3 id="the-daily-chart">The Daily Chart</h3>
<p>A detailed examination of Bitcoin’s daily chart reveals a notable increase in buying activity, as the price has experienced a period of bullish retracement, reclaiming multiple key resistance levels. However, after a significant 32% rise, BTC has now approached a decisive and substantial resistance zone, defined by the convergence of the 100-day and 200-day moving averages.</p>
<p>These MAs align at the $63.5K threshold, creating a formidable resistance area.</p>
<p>While the 100-day MA is on the verge of crossing below the 200-day MA, the recent price action suggests that there is potential for Bitcoin to break above this critical level, possibly reversing the MA crossover.</p>
<p>Nonetheless, the convergence of these two lines at $63.5K underscores the significance of this resistance, with upcoming price action likely determining Bitcoin’s overall trajectory. Should a rejection occur, sellers may target the notable $60K support region as their next objective.</p>
<figure style="width: 100%" class="wp-caption alignnone"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/BTC-D-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"></a>
 <figcaption class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h3 id="the-4-hour-chart">The 4-Hour Chart</h3>
<p>On the 4-hour chart, Bitcoin’s price action reflects a bullish trend, characterized by higher highs and higher lows, indicating a strong buyer presence in the market.</p>
<p>BTC has reclaimed two critical resistance levels at $56K and $60K. However, the price has also formed an ascending wedge pattern, which could signal a bearish continuation if it breaks downward.</p>
<p>Bitcoin has reached a substantial resistance at $63.5K and appears to have lost some bullish momentum. This level roughly coincides with the upper boundary of the wedge, acting as a significant barrier. If the price surpasses this critical range, it may target the fair value gap between $68K and $69K, where selling pressure could reemerge.</p>
<p>Conversely, if rejection occurs, the following line of defense for buyers will likely be the wedge’s lower boundary, around $62K.</p>
<figure style="width: 100%" class="wp-caption alignnone"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-4H-Aug-26-2024-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img src="https://cryptopotato.com/wp-content/uploads/2024/08/ETHUSDT-4H-Aug-26-2024-scaled.jpg" alt="btc_price_chart_2608242" width="2560" height="1309"></a>
 <figcaption class="wp-caption-text">
  Source: TradingView
 </figcaption>
</figure>
<h2 id="on-chain-analysis">On-chain Analysis</h2>
<p>By <a href="https://www.linkedin.com/in/shayan-navabi-522107248/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Shayan</a></p>
<p>Analyzing futures market metrics for Bitcoin offers valuable insights that complement traditional price analysis. The chart focuses on the Taker Buy Sell Ratio, a key indicator that measures the relative aggressiveness of buyers versus sellers in executing orders.</p>
<p>Recently, the ratio experienced a significant drop, indicating strong selling pressure. However, the metric has since started to recover, showing a slight uptick. This suggests that buyers are making efforts to push Bitcoin’s price above the critical $63K resistance level. If this upward trend in the ratio continues, the current retracement phase could extend in the short term, potentially leading to a breakout above the 100 and 200-day moving averages and setting the stage for a move toward the crucial $70K resistance region.</p>
<figure style="width: 100%" class="wp-caption alignnone"><a href="https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Taker-Buy-Sell-Ratio-All-Exchanges-scaled.jpg" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img src="https://cryptopotato.com/wp-content/uploads/2024/08/Bitcoin-Taker-Buy-Sell-Ratio-All-Exchanges-scaled.jpg" alt="btc_taker_buy_sell_ratio_chart_2608241" width="2560" height="1440"></a>
 <figcaption class="wp-caption-text">
  Source: CryptoQuant
 </figcaption>
</figure>
<p>The post <a href="https://cryptopotato.com/bitcoin-price-analysis-this-critical-level-will-dictate-whether-68k-or-60k-is-next-for-btc/" rel="noopener noreferrer nofollow">Bitcoin Price Analysis: This Critical Level Will Dictate Whether $68K or $60K is Next for BTC</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Bitcoin Price Analysis: This Critical Level Will Dictate Whether $68K or $60K is Next for BTC

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