A popular Bitcoin analyst has suggested a major breakout point for Bitcoin amid a bearish market price action. Although the price of Bitcoin has been on a downward trend, its dynamics and movements over the past few months have established several significant price levels. These levels can provide traders with valuable insights into Bitcoin’s potential future actions.
The $65,000 price is one such level, and according to one crypto analyst, a break above that should eventually lead to serious FOMO among market participants.
Break above $65,000
The Bitcoin analysis in question was brought to the attention of the cryptocurrency community on the social media platform This influential figure in the crypto world has highlighted one of the most critical levels for Bitcoin’s price action, specifically pointing to the $65,000 mark.
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Amid the prevailing market decline, the $65,000 level has emerged as a major point of interest due to the recent consolidation of Bitcoin’s price between $60,000 and $70,000. 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 criticism. Fear of missing out (FOMO) among market participants. This phenomenon, where traders rush to buy assets for fear of missing out on potential profits, could create significant buying pressure. Such a surge in buying activity could give Bitcoin the much-needed momentum to move significantly above the $70,000 mark.
Be patient, but I think that might have been the whole dip. Break >$65k should lead to serious FOMO
The power versus alts could be what it takes to push $70k+ pic.twitter.com/hBzpAh60P3
— The Crypto Dog 📈 (@TheCryptoDog) August 1, 2024
Current State of Bitcoin
The Bitcoin price has started the new week on a more negative note than many expected. Bitcoin broke under $50,000 on Monday, August 5, around 6:30 UTC +0, for the first time since early February. At the time of writing, Bitcoin is trading at $52,544 and is down 13.20% in the last 24 hours after recovering to $49,500. The crypto is also down 24.30% in a wider seven-day time frame.
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With this recent move, Bitcoin has now broken below the significant $60,000 price range, bringing $50,000 into the spotlight. A rebound just above $49,500 means that $50,000 is now the limit important level of support to monitor. As such, a notable break from this level could trigger a little FOMO among market participants. However, $65,000 is still a significant level that can make or break an upside rally.
Featured image created with Dall.E, chart from Tradingview.com
