A well-liked Bitcoin analyst has suggested a key breakout point for Bitcoin amidst a bearish market price motion. While Bitcoin’s price has been experiencing a downward trend, dynamics and movements over the past few months have established several significant price levels. These levels might offer traders invaluable insights into Bitcoin’s potential future actions.
The $65,000 price mark is one such level, and in keeping with a crypto analyst, a break above it should eventually trigger serious FOMO amongst market participants.
Break Above $65,000
The Bitcoin evaluation in query was delivered to the eye of the cryptocurrency community on the social media platform X by the pseudonymous analyst generally known as The Crypto Dog, who boasts a considerable following of greater than 804,000 followers. This influential figure within the crypto space has highlighted some of the critical levels for Bitcoin’s price motion, pointing specifically to the $65,000 mark.
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Amidst the prevailing market downturn, the $65,000 level has emerged as a major focal point because of the recent consolidation of Bitcoin’s price between the $60,000 and $70,000 range. This consolidation suggests that traders are closely watching these levels for signs of a possible breakout or further decline.
The Crypto Dog has noted that if Bitcoin can successfully break above the $65,000 threshold, it could potentially trigger a wave of Fear Of Missing Out (FOMO) amongst market participants. This phenomenon, where traders rush to purchase an asset for fear of missing out on potential gains, could create substantial buying pressure. Such a surge in buying activity might provide Bitcoin with the much-needed momentum to significantly break past the $70,000 mark.
Being patient but I believe that may need been the entire dip. Break >$65k should trigger serious FOMO
The strength vs alts could also be what’s needed to push $70k+ pic.twitter.com/hBzpAh60P3
— The Crypto Dog 📈 (@TheCryptoDog) August 1, 2024
Current State Of Bitcoin
The Bitcoin price has began the brand new week on a more negative that many expected. Bitcoin broke below $50,000 on Monday, August 5, around 6:30 UTC +0 for the primary time since early February. On the time of writing, Bitcoin is trading at $52,544 and is down by 13.20% up to now 24 hours having rebounded at $49,500. The crypto can also be down by 24.30% in a bigger seven-day timeframe.
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With this recent motion, Bitcoin has now broken below the numerous price range of $60,000 to place $50,000 within the highlight. A rebound just above $49,500 implies that $50,000 is now the major support level to observe. As such, a notable break to the upside from this level could kickstart a bit FOMO amongst market participants. Nonetheless, $65,000 remains to be a major level that would make or break any upward rally.
BTC bears remain on top of things | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com