Will Bitcoin Breach $62,000 Level or Fall Again?

After a robust 3.7% of inexperienced 4-hour engulfing candle, Bitcoin (BTC) as soon as once more reached its essential stage close to $62,000. Nevertheless, that is the fifth time BTC has reached this stage within the final 15 days, and every time it has confronted large promoting strain, leading to a major drop in BTC’s worth

Bitcoin’s Upcoming Ranges

This time, BTC’s day by day candle closing will probably be essential in figuring out its upcoming momentum, whether or not it would repeat the historical past or breach this $62,000 resistance. Based on knowledgeable technical evaluation, BTC seems to be bearish because it began falling from that essential stage. Wanting on the present market sentiment, there’s a excessive risk BTC will once more fall to $59,000 and $58,000 ranges within the coming days.

Nevertheless, to expertise a large upside transfer, BTC must breach the $62,000 stage and shut a day by day candle above that stage. If this occurs, BTC might rally to the $67,000 stage and even larger. 

Rise in Open Curiosity

With the latest worth surge, BTC’s open curiosity has elevated by over 4.05% within the final 4 hours and over 5% within the final 24 hours. This elevated open curiosity indicators and powerful curiosity from merchants and buyers in BTC. 

Nevertheless, the rise of open curiosity doesn’t essentially sign a bullish pattern, it’s attainable that quick sellers have begun making vital bets on the present stage, hoping that BTC will fall.

Bitcoin’s Worth Overview

At press time, BTC is buying and selling close to the $61,200 stage and has skilled a worth surge of over 3% within the final 24 hours. In the meantime, its buying and selling quantity has remained unchanged throughout the identical interval, which means merchants’ participation stays secure.

Earlier, on August 21, 2024, the on-chain analytic agency made a submit on X (beforehand Twitter) that a big promote order of 1,200 BTC had been positioned on the $60,500 stage.