As investors express concerns about BTC price performance, Bitcoin needs to hold $60,000 to reach a new all-time high.
Bitcoin price stable despite stock selloff
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin (BTC) bounced from its two-week low of $62,235 on August 2.
Bitcoin continues to show signs of breaking towards $60,000, and risk assets have been experiencing a period of volatility earlier this month.
Stock markets around the world are in the midst of a prolonged selloff, and while cryptocurrencies have yet to match their volatility, concerns about the immediate future remain.
Japan made headlines on August 1st when the Nikkei fell 6%, the biggest single-day drop since the 1987 global stock market crash (known as “Black Monday”).
Traders traditionally point to the second half of the third quarter as a difficult time for Bitcoin. Data from monitoring resource CoinGlass highlights that both August and September have been “losing” months in recent years.
In August 2023, the price of BTC plummeted, briefly sending the market down to $25,000. This low has remained since then.
Popular trader Zell recently responded to one of his X posts by saying, “Bitcoin ends July in the green, up 2.95%.”
“Historically, the market tends to struggle through the rest of the third quarter, but then really starts to pick up in October. Let’s see what happens this time.”
Michael van de Poppe, founder and CEO of trading firm MNTrading, sees a key support test coming in the form of $60,000, which is similar to other theories currently being circulated on social media.
He predicted that “Bitcoin needs to stay above $60,000-$61,000 and then it will continue to rise towards its all-time high.”
“Historically, August and September have been bad months, but I expect momentum to start to change in mid-August. There will be a new ATH in September/October.”
BTC Price Breakout “Gets Closer”
As Cointelegraph reported, other concerns currently center around a series of declining highs and lows that Bitcoin is recording on the daily timeframe.
Related: Bitcoin Ignores 100% Chances of Fed Rate Cut, BTC Price Hits 2-Week Low
Since hitting an all-time high of $73,800 in March, price action has been characterized by sellers maintaining their dominance above the previous 2021 high of $69,000.
But Gel is one of those who remains unfazed by the months of unification and reassessment of approval ratings that have followed.
“Bitcoin is still trading within the channel we’ve been in for the past few months, but it’s still above a key support level,” he continued, along with an explanatory chart this week.
“The breakout seems to be getting closer by the day. Until then, be patient.”
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.