Originally published on: August 02, 2024
As Bitcoin hovers around the $60,000 mark, traders are expressing concerns about its future price performance. Recent data from Cointelegraph Markets Pro and TradingView reveals a slight bounce from a two-week low of $62,235 on Aug. 2.
While Bitcoin struggles to maintain its position, global stock markets are experiencing a significant sell-off. Japan’s Nikkei index recorded a 6% drop on Aug. 1, reminiscent of the infamous “Black Monday” crash of 1987.
Historically, the second half of Q3 has been a challenging period for Bitcoin, with both August and September showing negative price movements in recent years. In 2023, BTC plunged to $25,000 in August, setting a lower low that still stands.
Renowned trader Jelle notes Bitcoin’s positive closure in July but emphasizes the importance of staying above $60,000 to reach new all-time highs. Meanwhile, technical analyst Michaël van de Poppe shares a similar sentiment, pointing to the crucial support level of $60,000.
Despite facing a series of lower highs and lower lows, Bitcoin enthusiasts like Jelle remain optimistic, citing the cryptocurrency’s resilience within a consolidation phase.
While this article provides insights into the current market trends, it does not offer investment advice. Readers are encouraged to conduct their own research before making any financial decisions. For more updates on market trends, subscribe to the Markets Outlook newsletter for exclusive content every Monday.