Beginning Of a New Trend?
Bitcoin breaks out of its consolidation zone, with the potential to move towards $69,300 and beyond. Key levels and scenarios to watch in the ongoing upward trend.
9/4/20241 min read
Bitcoin's price was trapped in a range between $57,700 and $62,000 for an extended period. This area acted as a consolidation zone, where price compression occurred. Eventually, the price spiked out of this range to the upside, which might indicate the beginning of a new trend.
Key Levels:
$62,000 Area: This level served as the ceiling of the previous range and is now considered potential support.
$69,300 Area: Currently, there is no significant supply zone until this level. This suggests a lack of substantial obstacles in the way of price appreciation.
Potential Scenarios:
Movement Towards $69,300:
If Bitcoin's price can stabilize above the $62,000 area, there's a possibility of moving towards $69,300. This move could signal the continuation of the upward trend and make reaching higher targets possible.
Monitoring the $74,000 Area:
If Bitcoin can surpass the $69,300 area, it is likely to move towards $74,000. This level is considered the final target, which, if broken, could lead to further strengthening of the upward trend.