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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
08/24/2024

Bitcoin Chart Warns $68K Could Come 'Very Quickly' — Traders

Bitcoin traders are eyeing the $68,000 level if price can hold above $64,000 — a level Bitcoin has struggled to maintain after spending 20 days below it. Crypto traders are spotting a new pattern on the Bitcoin price chart that could push BTC closer to reclaiming its 2021 all-time high. In an analysis video on August 24, crypto trader Mister Crypto pointed to the Bitcoin price chart and sug

Bitcoin Chart Warns $68K Could Come 'Very Quickly' — Traders

Bitcoin traders are eyeing the $68,000 level if price can hold above $64,000 — a level Bitcoin has struggled to maintain after spending 20 days below it.

Crypto traders are spotting a new pattern on the Bitcoin price chart that could push BTC closer to reclaiming its 2021 all-time high.

In an analysis video on August 24, crypto trader Mister Crypto pointed to the Bitcoin price chart and explained that once Bitcoin clears $64,000, there's a strong likelihood price will move back toward $68,000 — a level Bitcoin hasn't touched since July 30.

Bitcoin price chart. Source: Mister Crypto

A push toward $68,000 would have traders speculating about when price might break past the 2021 all-time high of $68,991 — a key level closely watched throughout 2024.

At the time of writing, Bitcoin is trading just above $64,245, according to CoinMarketCap data. However, price only broke above $64,000 on August 23 for the first time in 20 days and has struggled to hold that level, slipping back to around $63,500.

The breakout followed comments from Federal Reserve Chair Jerome Powell that reinforced investor confidence that rate cuts are on the way, even though he did not specify a timeline.

Previously, $64,000 had served as a key support level for Bitcoin in the months following the spot Bitcoin ETF approval on January 11.

However, the sharp sell-off on August 5 — widely dubbed "Crypto Black Monday" — flipped that level into resistance.

Mister Crypto cautioned investors that Bitcoin is unlikely to make any major moves over the weekend and that price will probably continue consolidating around current levels.

Related: Bitcoin price hits $62K sell wall as analyst sees 'only up' for crypto

Meanwhile, crypto trader Elja told his 684,400 followers on X that "It's time for the bulls to push Bitcoin toward $68K–$70K."

One of Elja's reasons is the Relative Strength Index (RSI), which shows that Bitcoin is not yet in overbought territory.

When the RSI is above 70, it signals the market may be overbought. When it's below 30, it suggests the market may be oversold.

Bitcoin's RSI currently stands at 66.11 according to Bitbo data. During Bitcoin's all-time high of $73,679 in March of this year, the RSI had climbed to 79.79.