Bitcoin Uptrend Set to Continue If It Breaks $61,000 Resistance
CryptoNewsTerminal Staff09 Aug, 2024
Bitcoin Uptrend Set to Continue If It Breaks $61,000 Resistance
BTC Price Analysis Bitcoin (BTC) is currently testing a crucial resistance zone around $61,000, where the 200-day moving average (MA) line also resides. A decisive breakout above this level could signal a continuation of the ongoing uptrend. The next target for BTC would be the $64,000 resistance level. Positive Funding Rates Additionally, BTC futures funding rates have recently flipped positive as the price has recovered. This is a classic bottom pattern, indicating that traders are becoming more bullish on BTC's prospects. However, it's important to note that this signal should not be relied upon solely, as there are other mixed signals in the market.
