Profit Blue

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While there are still major fluctuations in the BTC price, it was observed that the price rose above $61,000 once again this evening before Jerome Powell’s speech. This price movement also stirred the market, and analysts seem to be highlighting important price levels. 
<h2 style="text-align: justify" id="current-bitcoin-status">Current Bitcoin Status</h2> 
According to information shared by an analyst from a crypto exchange, Bitcoin seems to be approaching a critical turning point. The potential for Bitcoin to reach $62,000 is significant as it serves as a level to watch to prevent a retest of $49,000. However, some crypto traders believe that the likelihood of Bitcoin falling below $50,000 soon is low. 
Kraken exchange shared the following insights in a technical market update on August 21: 
<blockquote> 
 The price action indicates a corrective pattern rather than a strong upward trend. 
</blockquote> 
According to market <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>, as of the time of writing, Bitcoin is trading at $61,000 and has not reached $62,000 since August 9. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-382539" src="https://coin-turk.com/wp-content/uploads/2024/08/btc-usdt-gorsel-coin-turk-com-1.png" alt="" width="1835" height="883"> 
Additionally, it is noted that Bitcoin is still trading near its 200-day exponential moving average of $59,500, providing greater clarity on the latest price data. Kraken’s statement suggests that Bitcoin needs to surpass the $62,000 resistance level to prevent a potential retest of $49,000. 
Looking back at the early days of August, on August 5, known as “Crypto Black Monday,” Bitcoin fell below $50,000 and dropped to $48,800 according to <a href="https://en.coin-turk.com/binance-ends-support-for-busd-stablecoin/" data-wpel-link="internal">Binance</a> data. This level was last seen in February. According to data provided by CoinGlass, a price movement towards $62,000 could result in a contrary move to many <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a>‘ expectations, potentially eliminating $1.04 billion in short positions. 
<h2 style="text-align: justify" id="analysts-bitcoin-comments">Analysts’ Bitcoin Comments</h2> 
According to analysts in the market, the current level of BTC is very important. Failing to hold this level could signal a deeper correction. 
In this context, an analyst named Profit Blue reiterated his view in an X post on August 22: 
<blockquote> 
 If Bitcoin gains strength from here and rises above $62,000, it will likely target an all-time high. Otherwise, it will fall below $50,000 again. 
</blockquote> 
Meanwhile, other traders believe the downward momentum has ended and the recent drop was just a buying opportunity. 
Crypto commentator Alex Becker said in an X post on August 22: 
<blockquote> 
 This was your last chance to bring Bitcoin below $60,000. 
</blockquote> 
Similarly, PlanB commented that similar levels could be the bottom for Bitcoin: 
<blockquote> 
 Bitcoin $60,000… Up ~4 times from the bottom. Just like before the rise in 2017 and 2020/2021. 
</blockquote> 
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Analysts Highlight Key Bitcoin Price Levels

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