2024

bullish

Bitcoin

Rise

<p>The post <a href="https://coinpedia.org/price-analysis/will-bitcoin-breach-62000-level-or-fall-again/">Will Bitcoin Breach $62,000 Level or Fall Again?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>After a strong 3.7% of green 4-hour engulfing candle, Bitcoin (BTC) once again reached its crucial level near $62,000. However, this is the fifth time BTC has reached this level in the last 15 days, and each time it has faced massive selling pressure, resulting in a significant drop in BTC’s value</p> 
<h2 class="wp-block-heading" id="h-bitcoin-s-upcoming-levels"><strong>Bitcoin’s Upcoming Levels</strong></h2> 
<p>This time, BTC’s daily candle closing will be crucial in determining its upcoming momentum, whether it will repeat the history or breach this $62,000 resistance. According to expert technical analysis, BTC looks bearish as it started falling from that crucial level. Looking at the current <a href="https://coinpedia.org/price-analysis/bitcoin-may-drop-to-54000-as-mt-gox-moves-860-mln-in-btc/">market sentiment</a>, there is a high possibility BTC will again fall to $59,000 and $58,000 levels in the coming days.</p> 
<figure class="wp-block-image size-large">
 <a href="https://image.coinpedia.org/wp-content/uploads/2024/08/22025122/BTCUSDT_2024-08-22_02-50-46.png"><img decoding="async" width="1024" height="449" src="https://image.coinpedia.org/wp-content/uploads/2024/08/22025122/BTCUSDT_2024-08-22_02-50-46-1024x449.png" alt="" class="wp-image-341216" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/22025122/BTCUSDT_2024-08-22_02-50-46-1024x449.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/22025122/BTCUSDT_2024-08-22_02-50-46-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/22025122/BTCUSDT_2024-08-22_02-50-46-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/22025122/BTCUSDT_2024-08-22_02-50-46-1536x673.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/22025122/BTCUSDT_2024-08-22_02-50-46-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/22025122/BTCUSDT_2024-08-22_02-50-46.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: Trading view
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</figure> 
<p>However, to experience a massive upside move, BTC needs to breach the $62,000 level and close a daily candle above that level. If this happens, BTC could rally to the $67,000 level or even higher.&nbsp;</p> 
<h3 class="wp-block-heading" id="h-rise-in-open-interest"><strong>Rise in Open Interest</strong></h3> 
<p>With the recent price surge, BTC’s<a href="https://www.coinglass.com/BitcoinOpenInterest" target="_blank" rel="noreferrer noopener nofollow"> open interest</a> has increased by over 4.05% in the last 4 hours and over 5% in the last 24 hours. This increased open interest signals and strong interest from traders and investors in BTC.&nbsp;</p> 
<p>However, the rise of open interest does not necessarily signal a bullish trend, it is possible that short sellers have begun making significant bets at the current level, hoping that BTC will fall.</p> 
<h2 class="wp-block-heading" id="h-bitcoin-s-price-overview"><strong>Bitcoin’s Price Overview</strong></h2> 
<p>At press time, BTC is trading near the $61,200 level and has experienced a price surge of over 3% in the last 24 hours. Meanwhile, its trading volume has remained unchanged during the same period, meaning traders’ participation remains stable.</p> 
<p>Earlier, on August 21, 2024, the on-chain analytic firm made a post on X (previously Twitter) that a large sell order of 1,200 BTC had been placed at the $60,500 level.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> OrderBook Heatmap <br><br>Someone placed large sell orders at $60500,about 1.2K <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a>.<br><br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f449.png" alt="👉" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/z9WYoWqeVP">https://t.co/z9WYoWqeVP</a> <a href="https://t.co/tGw50era3Z">https://t.co/tGw50era3Z</a> <a href="https://t.co/7YFYoFKgAl">pic.twitter.com/7YFYoFKgAl</a></p>— CoinGlass (@coinglass_com) <a href="https://twitter.com/coinglass_com/status/1826132672852459729?ref_src=twsrc%5Etfw">August 21, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>However, with the recent price surge, BTC reached a high of over $61,820, indicating that someone has already purchased that notable 1,200 BTC at the $60,500 level.</p>

Will Bitcoin Breach $62,000 Level or Fall Again?

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