{"id":637869,"date":"2024-08-27T04:00:51","date_gmt":"2024-08-27T04:00:51","guid":{"rendered":"https:\/\/wncen.com\/?p=637869"},"modified":"2024-08-26T15:02:52","modified_gmt":"2024-08-26T15:02:52","slug":"bitcoin-holds-steady-at-63000-analysts-weigh-in-on-next-steps","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/bitcoin-holds-steady-at-63000-analysts-weigh-in-on-next-steps\/","title":{"rendered":"Bitcoin Holds Steady at $63,000: Analysts Weigh In on Next Steps"},"content":{"rendered":"

Bitcoin appears to be entering a rebound phase, given its recent increase that brought the asset’s price close to the $66,000 mark. Particularly, after briefly touching a 24-hour high of $64,893 earlier today, Bitcoin has retraced slightly, now trading at $63,786, reflecting a minor 0.2% decline over the past day.<\/p>\n

Despite this slight pullback, analysts remain divided on the immediate future of Bitcoin, with some pointing to key technical levels<\/a> that could determine the next significant move.<\/p>\n

Related Reading: Crypto Analyst Sounds Alarm: Here\u2019s Why It\u2019s Your \u2018Last Chance To Buy Bitcoin\u2019<\/a><\/div>\n

Next Step For Bitcoin<\/h2>\n

Renowned crypto analyst, Emperor on X, shared his insights on Bitcoin\u2019s price action earlier today. In a detailed post<\/a>, Emperor noted that Bitcoin had successfully bounced from a critical support zone of around $58,000, which he had previously identified as a potential buy zone.<\/p>\n

According to Emperor, Bitcoin has now reclaimed the 200-day Exponential Moving Average (EMA) on the 4-hour chart, which he views as a positive development<\/a>.<\/p>\n

He highlighted that Bitcoin\u2019s recent price movement, including front-running the quarterly open and sweeping weekend range lows, is characteristic of a strong uptrend<\/a>.<\/p>\n

Emperor suggested that while Bitcoin may not see a continuous upward push this week, it remains bullish, with the next target being the monthly open. The analyst concluded, noting:<\/p>\n

\u00a0I will be taking some profits on swing positions. Ultimate direction is up but now is the time to take profit on Bitcoin gradually while you bid alts.<\/p><\/blockquote>\n

\"Bitcoin
BTC price is moving sideways on the 2-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Is Another Noticeable Correction Going To Happen?<\/h2>\n

While Emperor\u2019s analysis points to a bullish outlook for Bitcoin, other analysts are more cautious. Macro Johanning, another well-known figure in the crypto space, provided an update<\/a> on Bitcoin\u2019s recent price action, noting that Bitcoin had recently swept the high at $65,100<\/a>.<\/p>\n

Johanning suggested that this move to the upside might have temporarily exhausted Bitcoin\u2019s bullish momentum, potentially leading to a dip to around $61,000 before further upward movement<\/a>. He highlighted the importance of upcoming economic data releases in Bitcoin\u2019s short-term direction.<\/p>\n

Johanning pointed to several key events scheduled for the week, including the release of US Consumer Confidence data on Tuesday, Nvidia\u2019s earnings report on Wednesday, Q2 2024 GDP data, and July Pending Home Sales on Thursday, followed by July PCE Inflation data on Friday.<\/p>\n

Related Reading: Bitcoin Price Faces Challenge at $65K: Can It Break Through?<\/a><\/div>\n

These events will likely influence market sentiment and add volatility to Bitcoin\u2019s price action. According to Johanning, Bitcoin\u2019s next significant resistance level is around $67,000, which could become a target once the consolidation phase resolves.<\/p>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin appears to be entering a rebound phase, given its recent increase that brought the asset’s price close to the $66,000 mark. Particularly, after briefly touching a 24-hour high of $64,893 earlier today, Bitcoin has retraced slightly, now trading at $63,786, reflecting a minor 0.2% decline over the past day. Despite this slight pullback, analysts remain divided on the immediate future of Bitcoin, with some pointing to key technical levels that could determine the next significant move. Related Reading: Crypto Analyst Sounds Alarm: Here\u2019s Why It\u2019s Your \u2018Last Chance To Buy Bitcoin\u2019 Next Step For Bitcoin Renowned crypto analyst, Emperor on X, shared his insights on Bitcoin\u2019s price action earlier today. In a detailed post, Emperor noted that Bitcoin had successfully bounced from a critical support zone of around $58,000, which he had previously identified as a potential buy zone. According to Emperor, Bitcoin has now reclaimed the 200-day Exponential Moving Average (EMA) on the 4-hour chart, which he views as a positive development. He highlighted that Bitcoin\u2019s recent price movement, including front-running the quarterly open and sweeping weekend range lows, is characteristic of a strong uptrend. Emperor suggested that while Bitcoin may not see a continuous upward push this week, it remains bullish, with the next target being the monthly open. The analyst concluded, noting: \u00a0I will be taking some profits on swing positions. Ultimate direction is up but now is the time to take profit on Bitcoin gradually while you bid alts. Is Another Noticeable Correction Going To Happen? While Emperor\u2019s analysis points to a bullish outlook for Bitcoin, other analysts are more cautious. Macro Johanning, another well-known figure in the crypto space, provided an update on Bitcoin\u2019s recent price action, noting that Bitcoin had recently swept the high at $65,100. Johanning suggested that this move to the upside might have temporarily exhausted Bitcoin\u2019s bullish momentum, potentially leading to a dip to around $61,000 before further upward movement. He highlighted the importance of upcoming economic data releases in Bitcoin\u2019s short-term direction. Johanning pointed to several key events scheduled for the week, including the release of US Consumer Confidence data on Tuesday, Nvidia\u2019s earnings report on Wednesday, Q2 2024 GDP data, and July Pending Home Sales on Thursday, followed by July PCE Inflation data on Friday. Related Reading: Bitcoin Price Faces Challenge at $65K: Can It Break Through? These events will likely influence market sentiment and add volatility to Bitcoin\u2019s price action. According to Johanning, Bitcoin\u2019s next significant resistance level is around $67,000, which could become a target once the consolidation phase resolves. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":637897,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,629,6848,1119,78790,6664,10923],"class_list":["post-637869","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-market","tag-bitcoin-price-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\nBitcoin Holds Steady At $63,000: Analysts Weigh In On Next Steps<\/title>\n<meta name=\"description\" content=\"Bitcoin so far appears to be on a doze of rebound given its recent increase that brought the asset's price close to the $66,000 mark...\" \/>\n<meta name=\"robots\" content=\"index, follow, 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Holds Steady at $63,000: Analysts Weigh In on Next Steps","url":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-holds-steady-at-63000-analysts-weigh-in-on-next-steps\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/bitcoin-news\/bitcoin-holds-steady-at-63000-analysts-weigh-in-on-next-steps\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/DALL\u00b7E-2024-08-26-15.26.27-A-digital-illustration-showing-Bitcoin-holding-steady-at-63000-with-analysts-weighing-in-on-the-next-steps.-The-image-features-a-Bitcoin-symbol-pro.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/DALL\u00b7E-2024-08-26-15.26.27-A-digital-illustration-showing-Bitcoin-holding-steady-at-63000-with-analysts-weighing-in-on-the-next-steps.-The-image-features-a-Bitcoin-symbol-pro.jpg?fit=1024%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analysis","bitcoin market","bitcoin price prediction","btc","btcusdt","crypto","crypto market"],"dateCreated":"2024-08-27T04:00:51Z","datePublished":"2024-08-27T04:00:51Z","dateModified":"2024-08-27T04:00:51Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Holds Steady at $63,000: Analysts Weigh In on Next Steps\",\"url\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-holds-steady-at-63000-analysts-weigh-in-on-next-steps\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/bitcoin-holds-steady-at-63000-analysts-weigh-in-on-next-steps\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/DALL\\u00b7E-2024-08-26-15.26.27-A-digital-illustration-showing-Bitcoin-holding-steady-at-63000-with-analysts-weighing-in-on-the-next-steps.-The-image-features-a-Bitcoin-symbol-pro.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/DALL\\u00b7E-2024-08-26-15.26.27-A-digital-illustration-showing-Bitcoin-holding-steady-at-63000-with-analysts-weighing-in-on-the-next-steps.-The-image-features-a-Bitcoin-symbol-pro.jpg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin analysis\",\"bitcoin market\",\"bitcoin price prediction\",\"btc\",\"btcusdt\",\"crypto\",\"crypto market\"],\"dateCreated\":\"2024-08-27T04:00:51Z\",\"datePublished\":\"2024-08-27T04:00:51Z\",\"dateModified\":\"2024-08-27T04:00:51Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/08\/DALL\u00b7E-2024-08-26-15.26.27-A-digital-illustration-showing-Bitcoin-holding-steady-at-63000-with-analysts-weighing-in-on-the-next-steps.-The-image-features-a-Bitcoin-symbol-pro.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/637869"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=637869"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/637869\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/637897"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=637869"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=637869"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=637869"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}