BTC Price Analysis: Correction or Reversal?
CryptoNewsTerminal Staff22 Aug, 2024
BTC Price Analysis: Correction or Reversal?
Bitcoin's Critical Resistance Bitcoin (BTC) is currently facing a critical resistance level at $62,000. According to analysts at Kraken, a failure to break through this resistance could result in a retest of the $50,000 support level. Corrective Pattern or Bullish Reversal? The analysts believe that the current price action is more indicative of a corrective pattern than a bullish reversal. They emphasize the importance for bulls to push BTC above $62,000 in the near term to maintain bullish momentum. Historical Context On August 5, commonly known as "Black Monday," BTC plummeted to $49,000. This highlights the potential for a significant downturn if the current resistance level is not overcome.
