Bitcoin trying to break through $68k soon

A bitcoin below $60,000 represents a good time to buy. But since August 23, Bitcoin has crossed the $64,000 mark for the first time in 20 days, giving hope to investors. Unfortunately, this breakthrough was short-lived, with bitcoin quickly returning to around $63,500.

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This return to critical resistance levels reveals persistent instability.

Traders and analysts are therefore on alert, hoping for a decisive breakout to initiate a swift rise towards $68,000. This scenario is supported by technical analysis showing a similar momentum to previous increases after crossing key levels.

If this threshold is maintained, bitcoin could approach its all-time high. According to Mister Crypto, “ a decisive crossing of $64,000 could signal a rally towards $68,000 $”.

Key figures to watch:

$64,000: Critical resistance level;
$68,000: Immediate target;
$73,679: All-time high.

The market’s enthusiasm has been amplified by recent accommodative statements from Jerome Powell, Chairman of the Federal Reserve. His comments on possible rate cuts have boosted investor confidence, contributing to Bitcoin’s bullish momentum.

Meanwhile, Bitcoin’s Relative Strength Index (RSI), currently at 66.11, indicates that the market is not yet overbought.
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In comparison, at the March peak, the RSI was at 79.79, suggesting there is still room for growth before reaching an overheat zone.

Nevertheless, analysts warn of potential volatility over the weekend, with likely consolidation around current levels. Bitcoin’s ability to maintain its momentum will depend on its capacity to break and stabilize above these critical thresholds.

All in all, the Jackson Hole meeting was a turning point for Bitcoin: Jerome Powell opened the way to $100,000.

Source: cointribune.com