Since last week, Bitcoin’s price has increased notably following a sharp rise to $65k. It has paused buying and now looks calm with choppy price actions. A surge above the $70k level should confirm a bullish breakout.
Bitcoin started this month rough following a massive breakdown from $63k to $49k in the first week. A rejection came and the price bounced back to the $62.7k range in the second week. The price fell after failing to push above this range but managed to hold above the $56k level.
The price picked up slowly again and later surged to the monthly $65k high last week. This monthly high suppressed further buying and the price remained calm at around $64k since last weekend.
This calm indicates a lack of interest from the buyers, although the price is still looking strong on a weekly chart. If they show up again with a strong interest, Bitcoin may produce bigger gains in the coming days.
But with the look of things, it appeared set for a pullback on the day. It is slowly losing grip above the $64k level following a 1% drop in the past hours. Still, Bitcoin’s daily outlook remains bullish as the fear and greed index now stands at 56.
BTC’s Key Levels To Watch
If Bitcoin pushes above the $65,000 resistance, the next area of interest for buying would be $67,000 and potentially $69,000, located at the wedge’s upper boundary. A surge above the $70,080 resistance should validate a break out of the broadening wedge.
For a pullback, there’s a close support at $62,745. Below it lies $59,704. Failure to bounce back may result in a further drop to $56,552.
Key Resistance Levels: $65,000, $67,000, $70,080
Key Support Levels: $62,745, $59,704, $56,552
- Spot Price: $63,900
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: designer491/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/bitcoin-price-analysis-prediction-august-27-btc-halts-buying-at-65k-after-a-week-gain-looking-for-a-pullback/