2024

bullish

Bitcoin

Ronin

<ul>
 <li><strong>Bitcoin price plummeted significantly and fell to the $50K level over the last weekend.&nbsp;</strong></li>
 <li><strong>The token showed upward movement in the past few days as per CMC data.</strong></li>
</ul>
<p>The crypto market saw announcements of Binance being imposed by GST fees and the Ronin Network’s hack in the last 24 hours. Importantly, on-chain data provider Crypto Quant’s author, observed that almost 60% of the top 50 cryptocurrencies have lost their 2024 gains. On the other hand, the largest cryptocurrency, Bitcoin has managed to sustain its recent upward movement after the weekend price dip.&nbsp;</p>
<p>Notably, Bitcoin price has shown a 1.87% increase in the last 24 hours. At the beginning of August 6, the token was trading at the $55K level, breaking the first resistance after sliding to $49K the previous day. Following this, BTC briefly slid to an intra-day low of $54,198, before sparking bullish candles.&nbsp;</p>
<p>In the early hours of August 7, the token began showing upward movements and surpassed $56K attempting to <a href="https://thenewscrypto.com/can-bitcoin-whales-stabilize-the-market-amid-recent-volatility/" target="_blank" rel="noopener noreferrer nofollow">recover</a> to previous trading levels. Contrastingly, the token’s daily trading volume dipped by 41.07% as per CMC <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">data</a>. At the time of writing, Bitcoin was trading at $56,864.&nbsp;</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="481" src="https://thenewscrypto.com/wp-content/uploads/2024/08/BTCUSD_2024-08-07_12-30-47-1024x481.png" alt="" class="wp-image-105028" srcset="https://thenewscrypto.com/wp-content/uploads/2024/08/BTCUSD_2024-08-07_12-30-47-1024x481.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/08/BTCUSD_2024-08-07_12-30-47-300x141.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/08/BTCUSD_2024-08-07_12-30-47-768x360.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/08/BTCUSD_2024-08-07_12-30-47.png 1515w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
<p>Zooming out, over the past month, the cryptocurrency has factored in a 2.28% increase, while its weekly performance shows a 13.66% decline. Moreover, parallel to the last 7 days’ price performance, market sentiment still resides in the selling zone. This is indicated by the token’s RSI standing at 35.44. Additionally, Bitcoin’s short-term 9-day MA stands below the long-term 21-day MA suggesting the overall bearish trend, as per TradingView <a href="https://in.tradingview.com/symbols/BTCUSD/ideas/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">reports</a>.&nbsp;</p>
<h3 class="wp-block-heading" id="h-what-to-expect-for-bitcoin-price-in-the-coming-months-nbsp">What to Expect for Bitcoin Price in the Coming Months?&nbsp;</h3>
<p>According to coinglass data, Bitcoin witnessed a liquidation of $67.25 million in the last 24 hours. The amount of liquidations has shown a reduction compared to the previous days influenced by the recent price recovery. On August 6, BTC recorded $289.32 million in liquidations.&nbsp;</p>
<p>Notably, if the token sustains current upward momentum, Bitcoin price might reach previous trading levels of $60K. As inferred from the daily price chart, in case of a bull run, the token might face resistance at $62,507 and $65,112. However, in case of a bearish turn, BTC will fall to find support at $54,826 and $53,824.&nbsp;</p>
<p>Meanwhile, TheNewsCrypto analysts have <a href="https://thenewscrypto.com/bitcoin-btc-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">predicted</a> a bullish price of $81,013.11 for Bitcoin in 2024.&nbsp;&nbsp;</p>

Will Bitcoin Price Recover to the $60K Level After Recent Dip?

Table of Contents

TheNewsCrypto

Other articles published on Aug 7, 2024

Pepe Price Up Over 20% as Market Recovers, Pepe Unchained ICO Raises $7.4M

OKX To Delist A Large Number Of Spot Trading Pairs

Crypto Supporters Including Mark Cuban Backs Kamala Harris

Layer 2 chains turn antifragile during market turbulence

Wix.com Ltd. Reports Strong Q2 Performance with $458.4 M in Bookings

Eric Trump’s Crypto Announcement Could Shape Political and Financial Futures

Join our free newsletter for daily crypto updates!