Bitcoin traders are currently aiming for the $68,000 mark. To achieve this, they are initially looking to stay above $64,000, a level that BTC has struggled to surpass in recent weeks.
Cryptocurrency traders are spotting a trend on the Bitcoin price chart. This could lead to the price approaching its all-time highs of 2021.
Experts are drawing attention to the fact that should it exceed the $64,000 level, it is highly likely to return to the $68,000 level, which it hasn’t reached since July 30.
A Decisive Milestone
The approach of $68,000 would lead traders to speculate on when it might surpass its all-time 2021 record of $68,991. This is a closely watched key level in 2024.
As August draws to a close, Bitcoin is trading just above this level, at over $64,000.
However, BTC only surpassed $64,000 on August 23, for the first time in 20 days. It also struggled to hold above it before dropping back towards $63,500.
Moreover, this breakthrough came on the heels of pessimistic comments by U.S. Federal Reserve Chairman Jerome Powell.
These comments further reinforced the certainty of American investors in the ongoing interest rate cuts. However, no exact date was given.
The $64,000 had previously been seen as a key support for Bitcoin in the months following the approval of the Bitcoin spot on January 11.
A $70,000 Target for Traders?
However, during the recent drop on August 5, also known as “Crypto Black Monday”, this level became resistance for Bitcoin.
Bitcoin investors would probably consolidate around its current level in the days ahead.
Indeed, some believe it’s time for the bulls to push Bitcoin towards $68,000 to $70,000.
One of the reasons given by analysts for this assertion is the relative strength index (RSI), which suggests that the price of BTC is not yet overbought.
When the RSI is above 70, it indicates that the market could be overbought. When it’s below 30, it indicates that the market could be oversold.
Bitcoin’s current RSI is 66. At Bitcoin’s all-time high of $73,679 in March this year, the RSI climbed as high as 79.
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