Bitcoin (BTC) Faces Critical Juncture as It Tests Key Resistance Level
- WBOYOriginal
- 2024-08-26 16:07:16702browse
Bitcoin surged last Friday and stayed firm throughout the weekend. The cryptocurrency broke through an important near-term resistance level, fueled by broad risk
Bitcoin price analysis for the weekend shows a critical juncture for the cryptocurrency. BTC surged last Friday and remained strong throughout the weekend as a result of broad risk-on sentiment following Fed Chair Jerome Powell’s indication of upcoming monetary easing.
After hitting an important near-term resistance level on Friday, Bitcoin price action now faces a critical juncture. The cryptocurrency surged last Friday and remained strong throughout the weekend. This was largely due to broad risk-on sentiment following Fed Chair Jerome Powell’s indication of upcoming monetary easing.
After surging to highs of $57,812 on Friday, BTC price action began consolidating gains and was largely flat throughout the weekend. However, the cryptocurrency did hit an important near-term resistance level at $62,724. This level now serves as the first hurdle for Bitcoin to overcome in order to continue its surge higher.
On the technical front, the break of 62724 confirmed resumption of the rebound from 49008. The strong break of 55 D EMA is also a near term bullish sign. It’s possible that the corrective pattern from 73812 has completed 49008, after hitting 50% retracement of 24896 to 73812 at 49354.
However, to solidify the bullish case, Bitcoin will have to overcome the first hurdle at 61.8% projection of 49008 to 62724 from 57812 at 66288. Rejection by this level will keep the rebound from 49008 as just another leg in the corrective pattern from 73812. On the other hand, firm break of 66288 could prompt upside acceleration to 100% projection at 71528, and build up momentum for eventual breakout from the five-month range.
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