Will $BTC Break Above $62K and Clear Resistance? Analysts Say ‘Yes’

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$BTC has been hovering below $62K since August 9, struggling to break above the new resistance level. The drop from its recent height of $70K was caused by the stock market turmoil that triggered FUD among investors. 

Although $BTC rebounded from $49K, its former all-time high of $73K appears to be out of reach.

Analysts at Kraken share a pessimistic outlook: if $BTC fails to hit $62K soon enough, it could drop below $50K. 

$BTC’s Next Move – Bullish or Bearish?

Kraken notes that $BTC needs to hit $62K and stay there to avoid a retest of $49K. However, some analysts argue that $BTC’s price action shows a corrective pattern, not a bullish trend. 

Moreover, $BTC’s current price of $61K is near its 200-day exponential moving average (EMA) of $59K, which gives more weight to the recent data. This suggests that the market may be experiencing indecision or a potential shift in trend.

On the other hand, the US FED’s upcoming expansionary policies are likely to favor $BTC bulls. 

Markus Theilen at 10x Research also believes that $BTC is poised for a short squeeze, which typically increases the asset’s price as investors who shorted it strive to cover their positions. 

Traders Share a Positive Outlook

Similar to Kraken, an analyst and trader, Decode notes that $BTC must rebound to $63K by the month’s end to get back on the upward track. 

While $BTC lost momentum and the September trend doesn’t look exciting, Decode is bullish for Q4. 

Another X user expects $BTC to break its resistance level within the next seven days. Many anticipate $BTC to follow gold, saying, ‘It’s a matter of when, not if.’ 

Closing Remarks 

The market’s indecision, as indicated by the proximity to the 200-day EMA, and the potential for a downward trend create a cautious outlook for the short term. 

Yet, HODLers are bullish for the future. 

References 

• FOMC Meeting Calendar (FED)
• MMCrypto (X)
• Decode (X)
• Bitcoin (CoinMarketCap)