{"id":51514,"date":"2024-08-26T01:48:00","date_gmt":"2024-08-26T01:48:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-bulls-risk-bart-simpson-btc-price-dip-62k"},"modified":"2024-08-26T04:02:55","modified_gmt":"2024-08-26T04:02:55","slug":"bitcoin-bulls-run-risk-of-bart-simpson-btc-price-dip-to-62k","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51514","title":{"rendered":"Bitcoin bulls run risk of 'Bart Simpson' BTC price dip to $62K"},"content":{"rendered":"

Bitcoin (BTC) circled $64,000 into the Aug. 25 weekly close as analysis warned that BTC price gains could soon be wiped.<\/p>\n

BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

BTC price faces struggle to preserve gains<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView showed a flat weekend for BTC\/USD after rapid gains at the end of the previous Wall Street trading session.<\/p>\n

These followed promising signals from the United States Federal Reserve regarding policy easing in September, specifically the first interest rate cuts since 2019.<\/p>\n

Bitcoin was initially slow to react but ultimately hit two-week highs of nearly $65,000 before consolidating lower.<\/p>\n

Analyzing the potential moves for the coming days, however, popular trader CrypNuevo was cautious.<\/p>\n

Order book liquidity, he determined in a thread on X, favored a drop to support which would liquidate late longs.<\/p>\n

\u201cThe levels with more liquidations are $63.5k (1h50EMA) & $62.2k,\u201d he summarized, referring to the 50-period exponential moving average on the 1-hour chart.<\/p>\n

BTC liquidation levels for Binance. Source: CrypNuevo\/X<\/em><\/figcaption><\/figure>\n

BTC\/USD could thus print a classic \u201cBart Simpson\u201d pattern, heading back to the 50-period EMAs on 1-hour and 4-hour timeframes.<\/p>\n

\u201cIt would make sense because they’d be filling the wick, stopping short positions and trapping some breakout traders,\u201d he explained.<\/p>\n

\u201cThen the drop would flush the delta liquidations with a long squeeze to support.\u201d<\/p><\/blockquote>\n

BTC\/USDT 1-hour chart with 1-hour, 4-hour 50-period EMA. Source: CrypNuevo\/X<\/em><\/figcaption><\/figure>\n

Other popular social media traders agreed with the idea, among them Trader ELM, who saw a dip to $62,700 before upward continuation.<\/p>\n

Source: Trader ELM<\/figcaption><\/figure>\n

\u201cBuying “clean retests” such as 62.7K after BTC pumps are historically very low hit rate,\u201d fellow trader Crypto Chase nonetheless countered on the day.<\/p>\n

\u201cWhen BTC is ready to rip, it RARELY offers clean retests.\u201d<\/p><\/blockquote>\n

Crypto Chase suggested that a breakout above $65,700 would offer a clearer indication of bullish momentum, while conversely, keen observation was needed in the event of a drop back to $60,000.<\/p>\n

\u201cWatch how PA responds if 60K-61K is retested (to determine whether to long for another test of daily resistance 65K or short towards 57.5K~),\u201d he wrote alongside an explanatory chart.<\/p>\n

BTC\/USDT perpetual swaps 1-day chart. Source: Crypto Chase\/X<\/em><\/figcaption><\/figure>\n

Analyst: Bitcoin seeks return to post-halving norm<\/h2>\n

Zooming out, trader and analyst Rekt Capital offered an optimistic take on BTC price performance.<\/p>\n

Related: Price analysis 8\/23: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB<\/em><\/strong><\/p>\n

Bitcoin, he noted, was close to reclaiming the area it had previously occupied following its April block subsidy halving \u2014 one he called the \u201cpost-halving reaccumulation range.\u201d<\/p>\n

\u201cThe importance of this technical event cannot be understated,\u201d he argued.<\/p>\n

\u201cEssentially, Bitcoin is resynchronising with historical Post-Halving price tendencies.\u201d<\/p><\/blockquote>\n

BTC\/USD 1-week chart comparison. Source: Rekt Capital\/X<\/em><\/figcaption><\/figure>\n

An accompanying chart compared this year\u2019s post-halving price behavior to that after the previously halving in 2020.<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) circled $64,000 into the Aug. 25 weekly close as analysis warned that BTC price gains could soon be wiped. BTC\/USD 1-hour chart. Source: TradingView BTC price faces struggle to preserve gains Data from … Bitcoin bulls run risk of 'Bart Simpson' BTC price dip to $62K<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51516,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin bulls run risk of 'Bart Simpson' BTC price dip to $62K - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51514\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin bulls run risk of 'Bart Simpson' BTC price dip to $62K - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) circled $64,000 into the Aug. 25 weekly close as analysis warned that BTC price gains could soon be wiped. 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