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Bitcoin’s $60,940 level, once resistance, is now solid monthly support for six months straight.
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Bitcoin’s price fluctuates between $58,000 and $62,000, signaling a consolidation phase post-35% rally.
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The next months are crucial for Bitcoin as it holds strong at a key support level.
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 around $60,525, perhaps down from a 24-hour high of $61,158, marking a 2% decline.
Bitcoin’s Monthly Retest of ATH
Crypto analyst Rekt Capital has noticed an important change in Bitcoin’s price behavior on the monthly chart. The key resistance level at $60,940, which used to be a strong barrier, has now turned into a solid support zone.
#BTC
— Rekt Capital (@rektcapital) August 22, 2024
On the Monthly timeframe, Bitcoin has retested the old All Time High major resistance area (red) as new support (green)
Bitcoin has been performing this successful retest for 6-months now$BTC #BitcoinHalving #Bitcoin https://t.co/qm79FuaOv6 pic.twitter.com/husxt49Yo2
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.
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 Bitcoin a strong 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.
Bitcoin In Conslidation Phase
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.
Over the past week, Bitcoin’s price has fluctuated 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.
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.