Today I read an article by Rakesh Upadhyay, where he stated the following “Bitcoin is struggling to hold above the psychological level of USD 60,000, indicating that bearish traders are active at higher levels. However, analysts do not seem to be worried.”
To Upadhyay's point, “Capriole Investments founder Charles Edwards said in a post on X that Bitcoin looks ‘promising,’ but its trend is lagging gold by three months; therefore, it needs some time before resuming its bullish move”
On the other hand, according to a report from Bybit and BlockScholes “Bitcoin is only in the second phase of its bull cycle, according to Nathan Thompson, senior technical writer at Bybit. If Bitcoin follows the low-to-high ratios of its previous cycles, it could extend its bullish move into the third quarter of 2025”
In other words, “Bearish traders will try to strengthen their position and sink the BTC/USDT pair to the critical support at USD 55.724. This level is likely to attract strong buying from the bulls”.
Finally, “If the price bounces from USD 55.724, the bulls will again try to take the pair above the moving averages. If they are successful, the pair could start a rally towards USD 70,000. The bearish are expected to fiercely defend the zone between USD 70,000 and USD 73,777”
SOURCES CONSULTED
Cointelegraph. Price analysis 8/14: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
