Bitcoin’s Struggle at $60K: Key Levels, Market Trends, and What Lies Ahead
TradingView data showed that BTC/USD was hovering around $59,500. With its price pinned close below $60,000, Bitcoin offered traders little hope for a marginal recovery of lost support.
The Personal Consumption Expenditures (PCE) Index, the most recent macroeconomic statistics from the US, did little to alter the situation. The index marginally underperformed, which bolstered the argument in favor of the rate reduction that are planned to begin in September.
The latest estimates from the CME Group’s FedWatch Tool reflected little change in the market odds for the first rate cut following the PCE print.
In his latest video update on X, popular trader Crypto Ed emphasized the importance of the $62,000 level as a crucial resistance/support flip for the bulls. He stated, “$62,000 is my key level. If we break above and reclaim $62,000, I’ll become much more bullish.” Crypto Ed also presented a BTC price fractal from August 2023, suggesting where the market could head in the coming weeks. Prior to a significant increase in Q4, the price of Bitcoin/USD had fallen to a long-term low of about $25,000.
Continuing the debate, trader Josh Rager stated that “stocks are near all-time highs” and referenced the US stock markets’ performance in 2020, the year of Bitcoin’s breakout.This is precisely what transpired before to the September 2020 Bitcoin halving.”
On a more optimistic note, fellow crypto trader Titan suggested in his update that the Ichimoku Cloud indicator could be key to short-term strength. He mentioned, “If BTC reclaims $59,600 and breaks the Cloud twist, the Cloud will flip from resistance to support,” accompanying his statement with an explanatory chart.
As the monthly close approached, with less than 48 hours remaining, Bitcoin was on track to end August nearly 8% down. Despite this, the cryptocurrency had managed to recover around 40% since hitting its low of $45,500 on August 5.