Information analysis of Bitcoin!!
Updated
With the possibility of the Federal Reserve starting to cut interest rates in September, market liquidity will improve significantly, and funds will continue to flow into the Bitcoin market. This wave of capital influx is bound to push up the price of Bitcoin and attract more investors' attention.
Trade active
Bitcoin tends to draw both buying and selling activity whenever it crosses over $60,000, which increases volatility. Thus, it is imperative to keep an eye on $60,000 as well. Bitcoin might gain enough traction to test higher resistance levels if it can continue trading above this mark.Note
The next immediate resistance level is located just above $60,000. Further significance is added when one notices that this level aligns with the daily chart's 50 EMA. In the past, when BTC reached this level, it has frequently experienced severe pullbacks as a result of its inability to sustain rising momentum. Failure to do so might lead to a retest of lower support levels. However, breaking and holding above $61,000 could open the door for a longer-term rally.
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