While Bitcoin (BTC) temporarily rose above $66,000 on Friday, the price behavior could bode well for the future. What are the levels to monitor?
Bitcoin (BTC) hits 2-month high
Friday afternoon, Bitcoin (BTC) saw its price rise above the $66,000 thresholda level that had not been reached since the end of July. At the time of writing these lines, the asset is trading at nearly $65,900.
💡 How to buy BTC easily in 2024?
After a low point at $52,600 at the beginning of the month, going back above the $65,000 threshold is an important milestone, because it represents the last high point in the slightly downward trend that BTC has been undergoing since the spring. If we wait until Sunday evening to validate this, the asset is in the process of recording its 3rd consecutive week of increase:
Figure 1 — BTC price in weekly chart
Now, several price levels can be monitored over the coming weeks. As part of a correction, the previous low point at the start of the month should not be broken again, at the risk of seeing a more lasting decline set in. On the side of a positive scenario, this is the all-time high (ATH) at just over $73,700which is in its sights with some intermediate objectives, including the symbolic level of 70,000 dollars.
Regarding liquidations on the crypto market as a whole, these remain relatively low, with less than $130 million over the last 24 hours, more than half of which concerns short positions:
Figure 2 — Liquidations on the crypto market
👉 Also in the news — Spot Bitcoin ETFs record their highest volumes in 2 months — Is this a sign of a bull run to come?
With the US elections just over a month away, it will be interesting to follow price action in the coming weeks. For their part, Bitcoin ETFs experienced similar behavior to prices, with a 2-month high in volumes recorded this week.
Cryptoast Academy: Don’t waste this bull run, surround yourself with experts
Sources: TradingView, Coinglass
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Since 2021, I have devoted my free time to seriously educating myself on cryptocurrencies in order to acquire maximum knowledge and credibility. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyzes on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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