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Bitcoin Price Analysis: Here's When BTC Could Reach $70,000 Again

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Aug 21, 2024 am 03:30 AM

bitcoin000 Price Analysis $70

Bitcoin price accelerated recovery from Monday in tandem with the stock market and ahead of the annual Jackson Hole Symposium, where the Fed Chair Jerome

Bitcoin Price Analysis: Here's When BTC Could Reach ,000 Again

Highlighting key points from the article:

- Bitcoin price showed an accelerated recovery from Monday, rising in conjunction with the stock market. This comes ahead of the annual Jackson Hole Symposium, where Federal Reserve Chair Jerome Powell is set to deliver a speech.

- Among altcoin majors, Ethereum (ETH), Solana (SOL), and Ripple (XRP) also eased into recovery, indicating a new period of bullishness in the broader crypto market.

- BTC price faced resistance at the 200-day EMA during its uptrend above $60,000. After briefly struggling to overcome this hurdle and bolster the bullish outlook toward $70,000, BTC encountered a sharp setback, trading at $59,045 at the time of this analysis.

- Although this correction could be attributed to profit taking, the Super Trend remains bullish and trailing Bitcoin. However, traders would regain confidence in the uptrend if bulls manage to reclaim the $60,000 resistance level.

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