Bitcoin’s (BTC) price continues fluctuating within the $58,000 to $61,000 price range following its recovery from the ‘Black Monday’ crash. However, analysts remain unsure about the next step for the flagship cryptocurrency.
Some market watchers suggest the key levels BTC must break to continue the bullish run, while others highlight signals that could indicate a timeline for the next leg up.
On August 5, the crypto market experienced a massive crash that shredded over 20% of most cryptocurrencies’ gains. Bitcoin led the market with a 22% decline from its monthly opening (MO) of $63,000.
Many investors feared that the bears had taken control and that the bullish rally was officially over. Since then, the largest cryptocurrency by market capitalization has hovered between the $58,000-$61,000 price range, currently trading above the $59,000 mark.
The recent price action has left some crypto analysts unsure about BTC’s next move. According to Altcoin Sherpa, Bitcoin has shown “lots of conflicting signals” lately and is “pretty neutral in the short-term.”
BTC falls to the $58,000 support area on Thursday. Source:
To the analyst, BTC’s 200 EMA (Exponential Moving Average) in the 4-hour timeframe is “acting as a stopping point.” Still, the chart looks like the cryptocurrency will return to the $56,000 to $58,000 support area.
Sherpa considers that for a price surge, Bitcoin needs to reclaim the $62,000 resistance zone in the coming days. A break above this level could kickstart a rally toward the $70,000 level, not seen since June.
Crypto trader Byzantine General the recent performance as a “weird spot where it looks like it’s gonna nuke the entire time, but it just doesn’t.” He suggested that when BTC exits this “mini range,” investors will see an “explosive move” either way.
Is Bitcoin Retesting $70,000 In September?
Some market watchers pointed out a few indicators that could suggest the flagship cryptocurrency is near a price explosion. Rekt Capital highlighted that Bitcoin retested the support at the Descending Channel bottom earlier this week.
To the analyst, the token has the channel as it is still successfully retesting the $58,000 mark. Additionally, he considers that continued price stability at this level would benefit BTC’s “future trend continuation to the upside.”
Crypto investor Ted Pillows shared on X that Bitcoin’s Fair Value Gap (FVG) has been filled. Per the investor, this happened in the 2020 top during the COVID-19 crash and led to a strong bounce back. Following the FVG fill, BTC’s price took eight weeks to recover from the 2020 crash.
BTC fills the Fair Value Gap (FVG). Source:
Based on it, Ted believes Bitcoin could trade above $70,000 again by the end of September if history repeats itself. Similarly, crypto investor Elja that BTC might experience a big breakout in the next two months.
The investor explained that the flagship cryptocurrency has historically consolidated for approximately 170 days post-Halving. This suggests that Bitcoin has around 35-40 days of consolidation before breakout. As of this writing, BTC is trading at $59,730, a 1.4% surge in the last 24 hours.
Bitcoin’s performance on the three-day chart. Source: BTCUSDT on
Featured Image from Unsplash.com, Chart from TradingView.com
Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.
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From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.
In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.
At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.
After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.
Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies –or her favorite memes.
In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.
She also has a passion for learning new languages and cultures, having set the goal to learn another six languages – currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.
In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.
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