Bitcoin's (BTC) price continues to fluctuate within the $58,000 to $61,000 range after recovering from the ‘Black Monday’ crash. Analysts are uncertain about the flagship cryptocurrency's next steps. Some suggest breaking key levels to continue the bullish run, while others highlight signals for the next potential surge.
On August 5, the crypto market experienced a significant crash, with Bitcoin losing 22% from its monthly opening of $63,000. Since then, Bitcoin has hovered between $58,000 and $61,000, currently trading above $59,000. The recent price action has left analysts unsure about BTC’s next move.
Analyst Altcoin Sherpa mentioned conflicting signals and a neutral short-term outlook, with the 200 EMA acting as a stopping point. He believes Bitcoin needs to reclaim the $62,000 resistance soon to kickstart a rally toward $70,000.
Crypto trader Byzantine General described the current performance as unusual, suggesting a potential explosive move. Rekt Capital noted that Bitcoin retested the Descending Channel bottom, reclaiming the $58,000 mark and indicating future trend continuation.
Investor Ted Pillows pointed out that Bitcoin’s Fair Value Gap (FVG) has been filled, predicting BTC could trade above $70,000 by the end of September. Similarly, investor Elja forecasted a breakout in the next two months based on historical consolidation patterns.
As of now, Bitcoin is trading at $59,730, up 1.4% in the last 24 hours.
