Crypto traders are closely monitoring Bitcoin’s price chart, suggesting a potential move towards its 2021 all-time highs. A pattern forming on the chart has sparked speculation that Bitcoin could quickly reclaim higher levels.
In an analysis video on August 24, the pseudonymous crypto trader Mister Crypto highlighted that Bitcoin breaking above the $64,000 level makes it "very likely" to surge towards the $68,000 mark. "It is very likely to return toward the $68,000 level, which it hasn’t reached since July 30," Mister Crypto noted.
At present, Bitcoin is trading just above $64,245, based on CoinMarketCap data. This follows a brief breakthrough above $64,000 on August 23, the first in 20 days, before it struggled to maintain this level and retraced back toward $63,500.
The U.S. Federal Reserve Chair Jerome Powell's remarks, which increased investor confidence regarding potential interest rate cuts but did not provide a specific timeline, supported this price movement.
Previously, the $64,000 level was considered a key support following the approval of the spot Bitcoin exchange-traded funds (ETF) on January 11. However, the downturn on August 5, referred to as "Crypto Black Monday," turned this support level into resistance.
Mister Crypto cautioned that significant price movements are unlikely over the weekend, predicting Bitcoin's price would likely consolidate around its current level.
Meanwhile, another crypto trader, Elja, told their 684,400 followers on X that "It’s time for bulls to push Bitcoin towards $68K-$70K." Elja's optimism is partly based on Bitcoin's Relative Strength Index (RSI), which currently stands at 66.11, indicating that the cryptocurrency is not yet overbought.
The RSI, a momentum indicator, shows that when it is above 70, the market might be overbought, and when it is below 30, it might be oversold. Bitcoin's RSI surged to 79.79 during its all-time high of $73,679 in March this year.
As traders watch the charts, the market remains poised for a possible surge, with eyes set on breaking past key resistance levels and reclaiming past highs.
