Bitcoin (BTC) is again in the focus of attention as experts have identified crucial levels that could determine the further direction of the Bitcoin market. Crypto Cobra discussed his observations of the current BTC volatility and what the traders and investors might anticipate soon. Cobra pointed out that a short position on BTC achieved the first point of profit before dropping again to the entry-level.
However, with BTC fluctuating in the $60,000 range, Cobra explained why this price level holds substantial importance. Bitcoin is trading above $60,000 on the daily timeframe, and if it continues to do so the analyst has targets of $64,000, $68,000, and $70,000.
Bitcoin Eyes $61K Resistance Break
Michael van de Poppe also shared his thoughts on the latest movement of Bitcoin. Van de Poppe pointed out that BTC had a significant support level of $56,000 which has now become a jump off point to the current prices.
However, Van de Poppe also noted that BTC is still unable to clear the $61,000 to $62,000 resistance area. He proceeded to explain that a breakout through this zone would probably open the way to tests of BTC prior all-time highs.
As the market moves to the second half of August which is usually a critical period for BTC, there are indications that the current correction movement may well come to an end. Bitcoin holding ground above $60,000 could indicate the start of another rally with trading volumes picking up after the summer vacation.
The next few days and weeks will be decisive for BTC as the bulls are eyeing a breakout through the $61,000/$62,000 level. A breakout here in turn could rekindle the bulls and positive sentiment for another push towards new all-time highs for Bitcoin to remain at the forefront of the crypto space.
