Bitcoin prices more than tripled yesterday, but fell back today due to system problems at Coinbase, the largest U.S. cryptocurrency exchange.
Meanwhile, several altcoins have made their way onto the main stage and posted impressive gains, but none more notable than Pepe.
BTC pump and dump
Just over a week ago – last Monday – Bitcoin jumped to a multi-week high of $65,500, but bears quickly intercepted the move and pushed it lower. The correction peaked on Friday with a price drop that took BTC all the way down to $60,200.
As most people were bracing for another drop in the cryptocurrency that could have seen it fall below the coveted $60,000 level, the asset actually reversed its trajectory and recovered some value to around $61,000 over the course of the weekend.
The week started off on a more positive note for Bitcoin, which jumped from $60,800 to $63,500 in just a few hours. However, it failed to sustain the gains and fell back to just below $63,000.
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The situation got even worse earlier this morning when Coinbase reported some issues with its network. The price of Bitcoin immediately dropped, dropping to $61,400.
Although it has since recovered somewhat, BTC remains below $62,000. Its market cap has fallen to $1.220 trillion, while its dominance relative to the rest of the market remains high at 51.1%.
Key levels to watch
Amid the rapidly changing market, the Crypto Titan has drawn attention to a key figure that Bitcoin investors are asking to keep a close eye on. The price point targeted at $61,500 is under intense scrutiny as deviations are observed that suggest an imminent breakout.
It is predicted that if Bitcoin manages to break above the $61,500 level, we might witness a surge in price that could reach $110,848. It is crucial to observe Bitcoin’s daily candle closes and subsequent price action to gauge the strength of any potential upward move.
Jerome Powell's Speech
The forecast comes amid broader market uncertainty, with investors closely watching a speech today by Federal Reserve Chairman Jerome Powell, whose comments are expected to spark financial market volatility that could affect Bitcoin and other cryptocurrencies.
Expert Insights
In a recent tweet, cryptocurrency analyst Michaël van de Poppe highlighted a pivotal moment for Bitcoin’s future, highlighting key price levels that will determine its next move. Meanwhile, Bitcoin is currently testing support around $60.5-61K, with a breakout above $63K crucial for a potential rally to all-time highs.
Furthermore, Van de Poppe said that a successful break above the $63,000 mark could herald a bullish wave that could propel Bitcoin to its previous all-time highs. This scenario depends on whether Bitcoin can break through $63,000 in the coming trading days.
Potential scenario!
However, optimism is accompanied by caution. A break below the $60,500 support could see prices fall to the $52-55,000 area, highlighting the critical importance of monitoring these levels to understand the market direction.
Disclaimer: The above article only represents personal opinions and is not intended as an investment reference.
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