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Bitcoin is showing signs of a rapid climb to $68,000, with chart signals pointing to an extremely quick move that could reignite interest among investors.
Bitcoin Signals Rapid Climb to $68K
Cryptocurrency investors have seen a trend developing on the price chart of Bitcoin, which might cause the price to return to its all-time highs in 2021.
In a video analysis uploaded on August 24th, crypto trader going by the moniker "Mister Crypto" cited a Bitcoin price chart and stated that the cryptocurrency will "very likely" head back toward its July 30th level of $68,000 once it breaks above that level.
When the price gets near to $68,000, traders will start to wonder when it will go over its all-time high of $68,991, a mark that will be closely monitored in 2024.
According to data from CoinMarketCap, Bitcoin is trading at $64,245, slightly above the level as of writing.
Bitcoin Struggles After $64K Breakthrough
But it wasn't until August 23 that it finally surpassed $64,000 after 20 days, and it had a hard time staying there before retracing to $63,500.
The breakthrough followed US Federal Reserve Chair Jerome Powell's dovish remarks, which gave US investors even more faith that interest rate cuts are in the works. Nevertheless, he did not provide a timeframe.
Per Cointelgraph, in the months following the adoption of the spot Bitcoin exchange-traded funds (ETF) on January 11, $64,000 was formerly considered a crucial support level for Bitcoin.
At least until the current decline on August 5, dubbed "Crypto Black Monday," this level did not stand as Bitcoin resistance.
Investors Expect Price Consolidation
Investors can expect Bitcoin's price to consolidate around its present level rather than making any significant swings over the weekend, according to Mister Crypto.
And Elja, a cryptocurrency trader with 684,400 X followers, announced:
RSI Supports Bitcoin’s Momentum
The RSI, which indicates that the price of Bitcoin is not yet overbought, was one of the grounds given by Elja for the claim.
We may be seeing overbought conditions in the market when the RSI rises over 70. The market may be oversold when it falls below 30.
Bitcoin's relative strength index (RSI) is 66.11, as reported by Bitbo. The relative strength index (RSI) rocketed to 79.79 during Bitcoin's record high of $73,679 in March of this year.
