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Bitcoin’s current resistance at $62,000 is a critical threshold to avoid another steep decline below $50,000, potentially mirroring last August’s Black Monday.
Bitcoin Must Reach $62K to Avoid Retesting $49K
According to an analyst report (via Cointelegraph) from one crypto exchange, Bitcoin is at a vital juncture: In order to prevent a retest of $49,000, it must reach $62,000 and remain there.
But a few of crypto traders think Bitcoin won't fall below $50,000 for a long time.
Kraken: Bitcoin’s Price Action Suggests a Corrective Pattern
In a technical market update that Cointelegraph reviewed on August 21, Kraken wrote, "The price action suggests a corrective pattern rather than a strong bullish reversal."
Bitcoin has not surpassed $62,000 since August 9, according to data from CoinMarketCap, and is now trading at $60,691 as of publication.
Bitcoin is trading close to its 200-day exponential moving average of $59,500, which adds credibility to the most current price data, as it was further described.
"Clear resistance" at $62,000 is necessary for Bitcoin to avoid retesting $49,000, according to Kraken.
Crypto Black Monday Last Saw Bitcoin Below $50K
August 5, often known as "Crypto Black Monday," was the last time Bitcoin dropped below $50,000, reaching $49,842. This was the first time it was below that level since February.
With $1.04 billion in short positions eliminated, a change to $62,000 might catch many prospective traders off guard, according to statistics from CoinGlass.
"This level is crucial as failure to hold could signal a deeper correction," said the statement.
In a post to their 257,100 followers on August 22, the anonymous cryptocurrency trader Profit Blue expressed a similar view.
Profit Blue announced:
Another school of thought holds that the recent downturn was really a buying opportunity and that the negative momentum is now coming to an end.
Alex Becker, a crypto pundit, informed his 1 million X followers on August 22:
Bitcoin broker PlanB included:
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