Will Bitcoin Price Rally if it Crosses $61,000?

IconCryptoNewsTerminal Staff29 Aug, 2024

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Will Bitcoin Price Rally if it Crosses $61,000?

The Bitcoin price appears to be on the verge of a significant breakout as it approaches the crucial resistance level of $61,000. According to Skew, a renowned cryptocurrency analyst, a break above this level could trigger a substantial upswing. This technical analysis is based on the exponential moving average (EMA) of the BTC/USDT trading pair on Binance's 4-hour chart. The EMA is a widely used indicator that helps identify trends in the market. A break above the EMA often signals a potential trend reversal. If Bitcoin successfully crosses the $61,000 mark, it could open the door for a significant rally. The next target for bulls would be the all-time high of $64,804.63 set in April 2021. However, it's important to note that technical analysis is not an exact science, and unexpected events can always impact market conditions. Investors should always conduct their own research and proceed with caution when making trading decisions.

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