Bitcoin Price in Critical Range: Break Above $61K Could Test ATH
coinpedia.org 29 August 2024 13:56, UTC -
Bitcoin must break $61K resistance for a potential surge toward a new all-time high.
-
Bitcoin’s price consolidates between $60,748 and $59,624, awaiting a significant breakout.
-
Historically, Bitcoin’s fourth quarter shows strong rallies, with a 12.18% December gain in 2023.
Bitcoin’s price has been stuck in a tight range lately, but recent analysis suggests a big move could be just around the corner. According to renowned crypto analyst Michael van de Poppe, Bitcoin’s current price action suggests that the market is awaiting a significant breakout. The key level to watch? The $61,000 resistance zone.
Bitcoin To Break $61k Level
As per the van dep poppe analysis, Bitcoin’s 1-Day chart shows the cryptocurrency trading between $60,748 and $59,624, reflecting a phase of consolidation. This tight range has kept traders on edge, as the market waits for a decisive move.
Chop, chop, chop.#Bitcoin is still acting within the range.
A breakout above that resistance zone at $61K is crucial for upward momentum.
If that happens –> party time and a new ATH test. pic.twitter.com/9UWeKo9X79
— Michaël van de Poppe (@CryptoMichNL) August 29, 2024
Van de Poppe highlights that for Bitcoin to regain upward momentum, it needs to break through the $61,000 resistance level. A successful breakout above this zone could trigger a surge, potentially pushing Bitcoin’s price toward the $71,679 mark soon.
Potential for a New All-Time High
If Bitcoin manages to breach the $61,000 level, it could pave the way for a substantial rally. Analysts believe that such a breakout might set the stage for a new all-time high (ATH).
On the flip side, if Bitcoin fails to break this level, it may remain within its current range, or see a price fall to the next support area of $56,002.
What’s Next for Bitcoin?
After a rough end to the third quarter, Bitcoin’s price dipped to $49,000 following the August market crash. However, history shows that the fourth quarter is often a strong period for Bitcoin.
In the past, Bitcoin has seen significant rallies towards the end of the year, with price increases of 3.91% in September, 28.52% in October, 8.81% in November, and 12.18% in December 2023.
As of now, Bitcoin is trading at $60,331, marking a 0.56% increase in the last 24 hours. Its market cap stands at $1.19 trillion, and Bitcoin’s dominance rate has risen to 57.36%, reflecting its strong position amidst the current crypto market fluctuations.
