On Friday, Bitcoin (BTC) saw its price increase to the point of going back above the symbolic $60,000 mark. What level should we watch to validate this increase? We take stock.
Bitcoin (BTC) climbs back above $60,000 again
Bitcoin (BTC) rose more than 4% on Friday, allowing it to once again move above the symbolic threshold of 60,000 dollars. After a week of increases, this gives some breathing space to the asset which had a mixed summer.
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A look at the liquidations allows us to see that, without much surprise, it is the short sellers who come out on the losing end of this movement. Indeed, they have suffered more than $100 million in losses in 24 hours on centralized exchanges:
Figure 1 — Liquidation statistics for the last 24 hours
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While it is generally accepted that Bitcoin price soars higher after halvingthese positive effects can be felt with a delay of up to several months. For the time being, this is still confirmed, although it should also be noted that prices had also risen sharply before the halving of April 20, thanks to ETFs.
From, BTC even shows a bearish trend with increasingly lower highs, and it will be a question of confirming a rise above $65,000 to remove the prospect of a longer-term decline:
Figure 2 — Bitcoin (BTC) price in daily data
In the shorter term, it is reassuring that the $50,000 level has held, after the $60,000 level failed to provide resistance for most of August.
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In the immediate future, BTC trades near $60,400and we will have to wait until Sunday evening to validate the current positive week. During the coming weeks, we will also be able to take stock of the underlying trend, to see if a real increase is emerging again.
Cryptoast Research: Don't Spoil This Bull Run, Surround Yourself With Experts
Sources: TradingView, Coinglass
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Since 2021, I have devoted my free time to seriously training myself on cryptocurrencies in order to acquire as much knowledge and credibility as possible. I often have the opportunity to conduct interviews with influential figures in the blockchain industry. I also conduct in-depth analyses on Web3 themes to offer exclusive content to Cryptoast readers.
Vincent Maire
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