While Bitcoin has been struggling with consecutive sharp declines since its ATH in March, investors are eagerly awaiting a rally that will take BTC to new ATH levels.
At this point, Kraken analysts said in their latest report that Bitcoin needs to exceed $62,000 to avoid falling to $49,000 levels again.
According to Kraken analysts, Bitcoin is at a critical juncture and the $62,000 resistance must be overcome to prevent BTC from falling to $49,000 again.
“The $62,000 resistance level is critical because failure to hold could signal a deeper correction.
Bitcoin’s current price action suggests a corrective pattern rather than a strong rally. Therefore, BTC needs to break $62,000 to avoid a sharp decline again.”
As you may recall, Bitcoin fell below $50,000 on August 5, known as “Crypto Black Monday,” dropping to $49,842. BTC fell to these levels for the first time since February.
Currently trading around $61,240, Bitcoin has been struggling to surpass the $62,000 resistance since August 9.
*This is not investment advice.
